Section 3: Meaning of “business”

3. Meaning of “business” (1) In this Act— “business”— (a) means— (i) a trade, commerce or manufacture, profession, vocation or occupation; or (ii) any other activity in the nature of trade, commerce or manufacture, profession, vocation or occupation; and (b) includes an activity carried on by a person, whether or not for gains or profit, and which involves the supply of goods or services to other persons for a consideration. (2) Anything done in connection with the termination or intended termination of a business shall be treated as being done in the course or furtherance of that business. (3) Where in the case of a business carried on by a taxable person, goods forming part of the assets of the business are, under any power exercisable by another person, sold by the other in or towards satisfaction of a debt owed by the taxable person, they shall be deemed to be supplied by the taxable person in the course or furtherance of his business. V4 – 6 (1) [Issue 10] Value Added Tax Act (4) The disposal of a business as a going concern, or of its assets or liabilities, whether or not in connection with its re-organisation or winding up, is a supply made in the course or furtherance of the business.