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GLOSSARY

Supply definition

What does Supply mean?

The Value Added Tax Act 1994, s.5(2)(a) provides that supply "includes all forms of supply".

The terms may be no more than a generic description given to transfers in the possession or ownership of goods, the grant, assignment or surrender of rights in property and the provision of facilities or services. It is necessary to identify the persons making the supply (in order to determine who is liable to register or charge tax) and the person receiving the supply (in order to determine who is entitled to an input tax credit, repayment or refund in respect of the tax charged). It is also necessary to identify the true legal nature of that which has been supplied in order to determine whether it falls within the scope of tax and, if so, whether any tax is chargeable on it. The nature of a supply is determined at the time of supply and cannot be rewritten by reference to the unilateral act of one party or an agreement between both parties. No supply is made by a person from whom goods are stolen,

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