“economic activity” means any activity carried on regularly or continuously for making supply of any goods, services or immovable property; and

(a) the following activities shall also be included therein, namely:-

(i) any business, profession, vocation, means of earning livelihood, manufacture or undertaking of any kind, whether the activity is undertaken for profit or not;

(ii) Supply of any goods, service or property made under any lease, licence, or similar arrangement;

(iii) any one-off initiative in the nature of a commercial activity or enterprise; or

(iv) any activity carried out at the beginning or at the end of such activities; but

(b) shall not include the following activities, namely:-

(i) any service rendered by an employee to his employer;

(ii) any service rendered by any director of a company:

Provided that where such person holds the office of the directorship for the purpose of conducting his business, in such case the services rendered by him shall be considered as economic activity;

(iii) any recreational pursuit or hobby carried on a non-commercial basis; or

(iv) any specified activity carried on by the Government without commercial purpose;