No. S 649
Goods and Services Tax Act
Goods and Services Tax Act (Amendment of Third Schedule) Order 2002
2. The Third Schedule to the Goods and Services Tax Act is amended —
by deleting the words “taken to be the cost of the goods to the person making the supply” in paragraph 8 and substituting the words “determined in accordance with sub-paragraphs (2) and (3)”; and
by renumbering paragraph 8 as sub-paragraph (1) of that paragraph, and by inserting immediately thereafter the following sub-paragraphs:
“(2) The value of a supply referred to in sub-paragraph (1) shall be taken to be —
such consideration in money as would be payable by the person making the supply if he were, at the time of the supply, to purchase goods identical in every respect (including age and condition) to the goods concerned;
where the value cannot be ascertained in accordance with sub-paragraph (a), such consideration in money as would be payable by the person making the supply if he were, at the time of the supply, to purchase goods similar to, and of the same age and condition as, the goods concerned; or
where the value cannot be ascertained in accordance with sub-paragraph (a) or (b), the cost of producing the goods concerned if they were produced at the time of the supply.
(3) For the purposes of sub-paragraph (2), the amount of consideration in money that would be payable by any person if he were to purchase any goods shall be taken to be the amount that would be payable after the deduction of any amount included in the purchase price in respect of tax on the supply of the goods to that person.”.
[MF(R) R60.1.0013 Vol. 19; AG/LEG/SL/117A/2002/1 Vol. 1]