exempt supplies

Supplies of goods or services in the categories of items that are identified as exempt from value added tax, as given in the Value Added Tax Act (1994). The main categories are: land (including rent), financial services, postal services, betting, charities (except on their business activities), education (non-profitmaking), health services, burial and cremation.

Accounting dictionary. 2014.

Look at other dictionaries:

  • exempt supplies — plural noun Goods or services supplied by a business on which VAT is not allowed to be charged • • • Main Entry: ↑exempt …   Useful english dictionary

  • exempt supplies — Supplies made by a business which are listed in Schedule 9 of the VAT Act 1994. VAT incurred in making exempt supplies is non recoverable, subject to the de minimis test. HM Customs & Revenue Glossary …   Financial and business terms

  • exempt supplies — Supplies of goods or services in the categories of items that are identified as exempt from value added tax, as given in the Value Added Tax Act (1994). The main categories are: land (including rent), insurance and financial services, postal… …   Big dictionary of business and management

  • exempt supplies — /ɪgˌzempt sə plaɪz/ plural noun products or services on which the supplier does not have to charge VAT …   Marketing dictionary in english

  • exempt supplies — Fin in the United Kingdom, items or services on which VAT (Value Added Tax) is not levied, for example, the purchase of, or rent on, real estate and financial services …   The ultimate business dictionary

  • exempt supply — A supply of goods or services falling within Schedule 9 of the Value Added Tax Act 1994. A person making exempt supplies is not required to account for output tax on the exempt supplies but is unable to recover the input tax on those supplies… …   Law dictionary

  • exempt input tax — Input tax incurred on goods and services purchased which are wholly used, or to be used, in making exempt supplies. After the method has been applied, this value will include the exempt element of residual input tax identified by the partial… …   Financial and business terms

  • exempt rating — noun A rating by which a business is exempted from charging or reclaiming VAT on the goods it supplies, the goods concerned being themselves exempted from VAT (see also ↑zero rating under ↑zero) • • • Main Entry: ↑exempt …   Useful english dictionary

  • partially exempt — In the context of value added tax (VAT), a taxable person who makes taxable supplies (taxable supply) and exempt supplies (See exempt supply) will be able to recover input tax only to the extent that the input tax is attributable to his taxable… …   Law dictionary

  • Agriculture and Food Supplies — ▪ 2007 Introduction Bird flu reached Europe and Africa, and concerns over BSE continued to disrupt trade in beef. An international vault for seeds was under construction on an Arctic island. Stocks of important food fish species were reported… …   Universalium

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