Section 12: Value of taxable supplies

12. Value of taxable supplies (1) For the purpose of this Act, the value of a taxable supply made by a taxable person shall, subject to this Act, be determined in accordance with this section and shall be expressed in Mauritius currency. continued on page V4 – 11 V4 – 10 (1) [Issue 10] Revised Laws of Mauritius (2) If the supply is for a consideration in money, its value shall be taken to be such amount as, with the addition of the VAT chargeable, is equal to the consideration or such other amount as the Director-General may determine. (3) If the supply is for a consideration not consisting of money, the value of the supply shall be taken to be the open market value of the supply or such other value as the Director-General may determine. (4) Where a taxable supply is not the only matter to which a consideration in money relates, the supply shall be deemed to be for such part of the consideration as is properly attributable to it. (5) For the purpose of subsection (3), the open market value of a supply of goods or services shall be taken to be the amount that would fall to be taken as its value, under subsection (2), if the supply were for the consideration in money that would be payable by a person who has no relationship with a person which would affect that consideration. (6) Where a supply of any of the goods specified in Part I of the Seventh Schedule is made by a registered person— (a) at the stage in the chain of distribution immediately before the stage of retail, VAT shall be calculated on such value of the supply as excludes the retail margin; (b) at the stage of retail, VAT shall be calculated on the value of the supply as specified in paragraph (a). (7) Where a supply of any of the goods specified in Part II of the Seventh Schedule is made by a registered person— (a) at the stage in the chain of distribution immediately before the stage of retail, VAT shall be calculated on such value of the supply as includes the retail margin; (b) at the stage of retail, VAT shall be calculated on the value of the supply as specified in paragraph (a). [S. 12 amended by Act 18 of 1999; s. 31 (e) of Act 20 of 2002 w.e.f. 1 October 2002; s. 19 (b) of Act 10 of 2010 w.e.f. 24 December 2010; s. 30 (a) of Act 26 of 2013 w.e.f. 21 December 2013.]