5.
| (1) The value of taxable supply of goods or services; shall if the supply is-
| | (a) for a consideration in money be such consideration less any tax chargeable under this Act and any exercise duty payable under the Excise (Special Provisions) Act, No. 13 of 1989 and any national security levy payable under the National Security Levy Act, No. 52 of 1991 which amount shall not be less than the open market value ; | | |
| | (b) not for consideration in money or not wholly consisting of money, be the open market value of such supply. | | |
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| (2) Subject to the provisions of subsection (3) where a supply of goods or services, is made by a registered person for an amount which is less than the open market value and the person to whom the supply was made is not a registered person, the value in respect of that supply, shall be the open market value of such supply. |
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| (3) where goods or services are supplied by an employer to his employee as a benefit from employment, the value in money for the supply shall be the open market value of such supply of where the open market value of such supply cannot be ascertained the value in money of that supply shall be the cost of an similar benefit enjoyed by any other person as may be determined by the assessor. |
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| (4) Where a supply of services is made under any lottery, or any taxable activity of entering into or negotiating a wagering contract or any business of like nature, the value of such supply shall be the total amount of money receivable in respect of such supply less the consideration of the prizes or winnings awarded in such lottery, such contract, or any business of like nature as the case may be. |
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| (5) Where goods or services -
| | (i) are supplied by a person after the time of cancellation of the registration under section 16 ; or | | |
| | (ii) are supplied to any person who makes supplies which are exempted under section 8 ; or | | |
| | (iii) are supplied to any person, not being a registered person or being a registered person who has not made an application in accordance with the provisions of section 3 and who carries on or carries out any wholesale or retail trade ; or | | |
| | (iv) are appropriated by the supplier for his personal use or any other purpose other than the making of a taxable supply, | | |
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| (6) Where the consideration in respect of a supply of goods or services relates to a taxable supply and a supply which is not taxable, the consideration for such taxable supply shall he deemed to be such part of the consideration as is attributable to such taxable supply and shall not be less than the open market value of such taxable supply. |
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| (7) Where goods are manufactured or produced by using any other goods, whether provided by the supplier or any other person such other goods shall he deemed to be used in the manufacture or production and the value of the supply of the goods so manufactured or produced and the supply of services in connection with such manufacture or production shall be the open market value or the amount of consideration received for, such supply whichever is higher ; |
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| (8) The value of the supply of goods under a hire purchase agreement shall be the cash price determined in accordance with the provisions of the Consumer Credit Act, No. 29 of 1982, and shall not be less than the open market value. |
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| (9) The value of the supply of land shall be the value of improvements effected on such land after the appointed date and shall not be less than the open market value. |
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| (10) Where goods or services are supplied either on the issue of a ticket or by the deposit of money the value of such supply shall be the amount paid for such ticket or the amount deposited, not being any amount which is refundable as the case may be. |
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Sri Lanka Consolidated Acts