‘qualifying turnover’ means the total receipts from carrying on business activities, excluding any-

               

(a)     amount of a capital nature; and

(b)     amount exempt from normal tax in terms of section 10(1)(zK) or 12P;

[Paragraph (b) substituted by section 88 of Act 25 of 2015 and section 64 of Act 15 of 2016 effective on 19 January 2017]