(1) Whichever is appropriate of the following provisions of this regulation shall have effect for determining the value of any materials imported into the Caribbean Community Market area or, as the case may be, in the Common Market area and used in the production or manufacture of any goods.
(2) Subject to the provisions of subregulation (4), the value of any such materials shall be taken to be the aggregate of the following amounts, that is to say—
(a) the amount equivalent to the value attributed to those materials, on their last clearance for home use or for temporary admission, by the customs authorities in the Territory or State in which they were used in the production or manufacture of the goods concerned, less such portion of the cost of any transportation through any other part of the Caribbean Community Market area or, as the case may be, the Common Market area as may have been taken into account in arriving at the value attributed as aforesaid; and
(b) in so far as it has not been taken into account in arriving at the value attributed as aforesaid, the amount equivalent to the cost of any insurance and freight on those materials (other than the cost of transport in the Caribbean Community Market area or, as the case may be, in the Common Market area).
(3) Subject to the provisions of subregulation (4), where it cannot be determined in accordance with subregulation (2), the value of any such materials shall be taken to be the amount equivalent to the purchase price paid on the earliest ascertainable sale of those materials in the Territory in the Caribbean Community Market area or, as the case may be, in the Common Market area in which they were used in the production or manufacture of the goods concerned.
(4) Where, in determining the value of any materials under this regulation, it appears to the Comptroller—
(a) on determination in accordance with subregulation (2), that the value attributed to those materials at the relevant time by any customs authorities was not arrived at by reference to a sale of those materials in the open market between buyer and seller independent of each other; or
(b) on determination in accordance with subregulation (3), that the amount taken as the price paid on a purchase of those materials at the relevant time was not paid on such a sale thereof as aforesaid,
for the value so attributed or, as the case may be, the purchase price so taken there shall be substituted the amount which, in the opinion of the Comptroller, would have been paid on a sale of those materials at the relevant time in the open market between buyer and seller independent of each other.