1 October 2012
The Goods and Services Tax Act (Amendment of Second Schedule) Order 2012, which was published on 28 September 2012, is operationally effective on 1 October 2012.
The Second Schedule of the Goods and Services Tax Act relating to matters to be treated as supply of goods and services is amended by way of this Order. Paragraph 5 relating to the transfer or disposal of business assets is affected where:
- Sub-paragraph (2)(a) is amended by deleting the words, “(otherwise than as one forming part of a series or succession of gifts made to the same person from time to time)’’
- Sub-paragraph (4) is deleted and substituted with the following sub-paragraph:
‘‘(4) Neither sub-paragraph (1) nor sub-paragraph (3) shall require anything which a person carrying on a business does otherwise than for a consideration in relation to any goods to be treated as a supply except in a case where —
(a) credit for input tax has been allowed to that person in whole or in part in respect of the supply of those goods or anything comprised in them to, or the importation of those goods or anything comprised in them by or for, the person; or
(b) the goods comprise assets of another business transferred to the person as a going concern by another taxable person.’’.
Source: Government Gazette
You must be logged in to post a comment.