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GLOSSARY

Exempt supply definition

Published by a LexisNexis Tax expert

What does Exempt supply mean?

A supply that is excluded from the charge to tax.

An exempt supply is not a taxable supply. It should be distinguished from a zero-rated supply, which is treated in all respects as if it were a taxable supply. A person is neither liable nor entitled to registration by reference to any exempt supplies that he makes and, in general, a taxable person is not entitled to any input tax credit attributable to an exempt supply. The concept of exemption applies only to supplies and not to acquisitions or importations.

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