Sri Lanka Consolidated Acts

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Value Added Tax Act (No. 14 of 2002) - Sect 30

Power of Assessor to determine open market value

30.Where the Assessor is of opinion
(a)that a registered person has made a taxable supply for a value less than the open market value of such supply or for no value ; or
(b)the transaction in respect of which taxable supply has been made is between two associated persons.
in order to avoid the payment of tax, he shall determine the open market value of such supply on which tax shall be charged, having regard to the circumstance of the transaction and the time of supply.

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