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Amendment of section 1 (interpretation) of Principal Act.
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83.— With effect from 1 July 2008 section 1 of the Principal Act is amended in subsection (1)—
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(a) by inserting the following before the meaning assigned to “agricultural produce”:
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“ ‘ accountable person ’ has the meaning assigned to it by section 8;
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‘ accounting year ’ means a period of 12 months ending on 31 December, but if a taxable person customarily makes up accounts for periods of 12 months ending on another fixed date, then, for such a person, a period of 12 months ending on that fixed date;”,
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(b) by substituting the following for the definition of “business”:
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“ ‘ business ’ means an economic activity, whatever the purpose or results of that activity, and includes any activity of producers, traders or persons supplying services, including mining and agricultural activities and activities of the professions, and the exploitation of tangible or intangible property for the purposes of obtaining income therefrom on a continuing basis;”,
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(c) by inserting the following definition after the definition of “business”:
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“ ‘ capital goods ’ means developed immovable goods and a reference to a capital good includes a reference to any part thereof and the term capital good shall be construed accordingly;”,
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(d) by inserting the following definition after the definition of “Community”:
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“ ‘ completed ’, in respect of immovable goods, has the meaning assigned to it by section 4B;”,
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(e) by substituting in paragraph (a) of the definition of ‘exempted activity’ “sections 4(6), 4B(2) and 4C(2)” for “section 4(6)”,
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(f) by inserting the following after the definition of “free port”:
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“ ‘ freehold equivalent interest ’ means an interest in immovable goods other than a freehold interest the transfer of which constitutes a supply of goods in accordance with section 3;”,
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(g) by inserting the following after the definition of “importation of goods”:
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“ ‘independently’, in relation to a taxable person excludes a person who is employed or who is bound to an employer by a contract of employment or by any other legal ties creating the relationship of employer and employee as regards working conditions, remuneration and the employer’s liability;”,
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(h) by inserting the following after the definition of “intra-Community acquisition of goods”:
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“ ‘joint option for taxation’ has the meaning assigned to it by section 4B;
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‘ landlord’s option to tax ’ has the meaning assigned to it by section 7A;”,
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(i) by inserting the following after “have expired” in the definition of “surrender”:
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“but in the case of an interest in immovable goods created on or after 1 July 2008, the failure of the lessee to exercise any option of the type referred to in subsection (1)(b) of section 4 in relation to that interest does not constitute a surrender”,
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and
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(j) by substituting the following for the definition of “taxable person”:
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“ ‘ taxable person ’ means a person who independently carries out any business in the State;”.
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