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Taxable Value

VAT is charged on the value of any taxable supply of goods or services. The value of every taxable supply of goods or services is taken to be the amount paid for this supply excluding the tax. If on this amount the tax chargeable is added, the result is called consideration; that is the whole amount paid for the supply including VAT.
Under certain circumstances, explicitly defined in the Law, the value of a supply is taken to be its open market value.
In the importation of goods VAT is charged on the taxable value of imported goods which includes the dutiable (Customs) value, duties and other taxes, levies and charges collected by reason of importation of goods and the costs by way of importation of goods.




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