5.
| (1) The value of a taxable supply of goods or services shall be such amount where the supply is-
| | (a) for a consideration in money, be such consideration less any tax chargeable under this Act which amount shall not be less than the open market value ; | | |
| | (b) not for a moderation in money or not wholly in consideration of money, be the open market value of such supply. | | |
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| (2)Subject to the provisions of subsection (3), where supply of goods or services is made by a registered person for an amount which is less than the open market value to a person not being a registered person the value of such supply, shall be the open market value of the supply. |
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| (3) Where a supply of goods or services is made by an employer, to his employee as a benefit from employment, the consideration in money for the supply shall be the open market value of such supply or where the open market value of such supply cannot be ascertained, the consideration in money of such supply shall he the cost of a similar benefit enjoyed by any other employee, 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 wage 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, wagering contract, or any business of like nature as the case may be. |
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| (5)Where a supply of goods or services-
| | (i) is made by a person at the time of cancellation of the registration under section 16 ; or | | |
| | (ii) is made to any person who makes a supply which is exempted under section 8 ; or | | |
| | (iii) made by any person, not being a registered person or being a registered person who had not opted to charge tax under the proviso to section 3, who carries on or carries out any wholesale or retail trade ; or | | |
| | (iv) is appropriated by the supplier for his personal use or arty other purpose other than the making of a taxable supply, | | |
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| the value of such supply shall be not less than the open market value. |
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| (6)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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| Provided however in the case of a hire purchase agreement-
| | (a) where the cash price of any goods supplied under a hire purchase agreement includes the tax charged, by the supplier on the seller of such goods lo be supplied under such agreement for which the seller cannot claim input tax credit being a person who is not registered under ink Act, the cash price and the market value of such goods shall be adjusted for the purposes of charging the tax by deducting the tax so charged on the seller ; | | |
| | (b) under which second hand goods, which have been ins circulation for a period over one year, are supplied, the cash price and the market value of such goods for the purposes of charging the tax shall be the value specified in the hire purchase agreement less any charge made for such hire purchase facility included in such agreement. | | |
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| (7)The value of supply of land and improvements thereon, shall be the value of such supply less the value of land at the time of supply and the value of any improvements on the land as at March 31, 1998 which shall not be less than the open market value of such supply excluding the value of such land at the time of supply and the value of any improvements on such land as at March 31, 1998. |
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| (8)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 less the tax payable under this Act or the amount deposited less the tax payable under this Act not being any amount which is refundable as the case may be. |
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| (9)The value of a supply, under any non reviewable agreement not being a hire purchase agreement entered into prior to April 1, 1998, shall be the total amount payable or paid under such agreement lot any taxable period and shall be considered as a Tax inclusive consideration. |
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| (10)Where any goods supplied under a lease agreement is subsequently transferred to the lessee at the termination of such agreement for a consideration not exceeding ten per centum of the total consideration of the lease agreement, such consideration shall be deemed to be a lease rental recovered under such agreement. |
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| (11)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 be deemed to be such part of the consideration as is attributed lo such taxable supply and shall not be less than the open market value of such taxable supply. |
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| (12) Where goods are manufactured or produced or :t service is provided, by using other goods, whether provided by the supplier or any other person, such other goods shall be deemed to be used in the manufacture or production or the provision of service as the case may be, 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 or the supply of the service shall be the open market value or the sum received as consideration for such supply, whichever is higher: |
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Sri Lanka Consolidated Acts