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For the Purpose of Business - What does it mean? EmptyFri Jul 03, 2015 9:34 am by joseph

» Industrial Diesel
For the Purpose of Business - What does it mean? EmptyFri Jul 03, 2015 9:11 am by joseph

» ICT industry
For the Purpose of Business - What does it mean? EmptyFri Jul 03, 2015 9:10 am by joseph

» Input Tax (Passenger Car for business purpose)
For the Purpose of Business - What does it mean? EmptyMon Jun 29, 2015 5:25 pm by joseph

» Conditions to Claim Input Tax
For the Purpose of Business - What does it mean? EmptyMon Jun 29, 2015 3:12 pm by joseph

» Additional industry code
For the Purpose of Business - What does it mean? EmptySun Jun 28, 2015 5:53 pm by joseph

» Sales Commisions
For the Purpose of Business - What does it mean? EmptyFri Jun 26, 2015 7:44 pm by Poon1

» Advance payment for services not rendered yet
For the Purpose of Business - What does it mean? EmptyThu Jun 25, 2015 4:13 pm by joseph

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For the Purpose of Business - What does it mean? EmptyTue Jun 23, 2015 10:21 pm by joseph

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For the Purpose of Business - What does it mean?

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For the Purpose of Business - What does it mean? Empty For the Purpose of Business - What does it mean?

Post by Admin Sun Dec 14, 2014 1:23 pm

An activity qualifies for business purpose if:-

1. It is a serious undertaking or work earnestly pursued
2. It is pursued with recognizable continuity
3. It is conducted in a regular manner and on sound and recognized business principles (business-like nature);
4. It is predominantly concerned with making supplies for a consideration
5. It is making supplies of a kind commonly made by commercial organizations.
6. Examples of non-business activity are holding of shares, supply of services by employees under contract of employment and hobbies.
7. The facilities and services provided by a club, association, management corporation or other organisation is treated as a business activity
8. The admission of persons to any premises for a consideration is also regarded as a business activity.

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