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VAT: Zero-rated & Exempt Supplies - Coggle Diagram
VAT: Zero-rated & Exempt Supplies
Zero-rated supplies
Definition
Taxable supply
VAT = 0%
Input VAT can still be claimed
Main Categories
Going concern
Qualifying sale of a business as a going concern
Services to non-residents
Certain services supplied to non-residents
Exporting of goods
Goods that are exported from South
Exporting of second-hand goods
Certain qualifying exports
Exempt supplies
Definition
No output VAT
Input VAT cannot be claimed
Not subject to VAT
Main Categories
Education
Certain qualifying schools, colleges and higher-education institutions
Passenger transport
Certain passenger transport by road or railway
Residential accomodation
Letting of residential accommodation in a dwelling
Other exempt supplies
Trade union subscriptions
Certain childcare services
Certain land transactions
Certain body corporate / HOA services
Certain political party and bargaining council supplies