1. The annual turnover serving as a reference for applying the exemption provided for in Article 284 shall consist of the following amounts, exclusive of VAT:

(a) the value of supplies of goods and services, in so far as they would be taxed were they supplied by a non-exempt taxable person;

(b) the value of transactions which are exempt, with deductibility of the VAT paid at the preceding stage, pursuant to Article 98(2) or Article 105a;

(c) the value of transactions which are exempt pursuant to Articles 146 to 149 and Articles 151, 152 and 153;

(d) the value of transactions which are exempt pursuant to Article 138 where the exemption provided for in that Article applies;

(e) the value of real estate transactions, financial transactions as referred to in Article 135(1), points (b) to (g), and insurance and reinsurance services, unless those transactions are ancillary transactions.

2. Disposals of the tangible or intangible capital assets of a taxable person shall not be taken into account for the purposes of calculating the turnover referred to in paragraph 1.