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VALUE ADDED TAX ACT
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20.   Value of supply

Revised Laws of Saint Lucia (2021)

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20.   Value of supply

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    (1)   Subject to the remaining provisions of this section, the value of a supply of goods or services is the amount of the consideration for the supply.

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    (2)   Where a portion of the price of a taxable supply represents tax imposed by this Act that is not accounted for separately, the value of the supply is the price reduced by an amount equal to the tax fraction multiplied by that price.

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    (3)   Where a supply is made by a taxable person for no consideration or for a consideration that is less than the fair market value of that supply and —

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      (a)     the supplier and the recipient are related persons; or

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      (b)     the recipient is an approved charitable organisation,

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      the value of the supply is the fair market value of the supply.

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    (4)   Where a taxable person makes a supply of goods or services referred to in section 4(6), the value of the supply is the lesser of —

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      (a)     the consideration paid or payable by the taxable person for the goods or services; or

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      (b)     the fair market value of the supply.

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    (5)   The Minister may by Regulations prescribe rules to determine the value of a supply governed by subsection (4) where the taxable person applies less than the entire goods or services to a different use.

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    (6)   The value of a supply of goods under a credit agreement is the cash value of the supply.

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    (7)   Where a debtor makes a supply of goods as a result of the repossession of the goods from the debtor under a credit agreement, the value of the supply is an amount equal to the balance of the cash value of the supply of those goods to the debtor that has not been recovered at the time of the supply.

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    (8)   For the purposes of subsection (7), the balance of the cash value of the supply is the amount remaining after deducting from the cash value so much of the sum of the payments made by the debtor under the credit agreement as, on the basis of an apportionment in accordance with the rights and obligations of the parties to such agreement, may properly be regarded as having been made in respect of the cash value of the supply.

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    (9)   The value of a supply of services under section 4(8) is an amount equal to the amount referred to in that subsection that is retained or recoverable.

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    (10)   Where the grant of any right to receive goods or services for a monetary value stated on any token, voucher, gift certificate, or stamp is a supply under section 4(19), the value of the supply is an amount equal to the amount by which the consideration exceeds the monetary value of the token, voucher, gift certificate, or stamp.

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    (11)   Where an issuer for no consideration surrenders the token, voucher, gift certificate, or stamp to a supplier of goods or services other than the issuer in return for a price discount on a taxable supply, the supplier is required to include in the value of the supply of such goods or services the monetary value stated on the token, voucher, gift certificate, or stamp, less the tax fraction of the monetary value.

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    (12)   For the purposes of subsection (11), “issuer” means the holder of a token, voucher, gift certificate or stamp issued by a taxable person.

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    (13)   For the purposes of subsection (11), the monetary value is inclusive of tax.

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    (14)   Where a taxable supply is not the only matter to which the consideration for the supply relates, the value of the taxable supply is such part of the consideration as is properly attributable to it.

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    (15)   Except as otherwise provided in this section, if a supply is made for no consideration the value of the supply is nil.

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    (16)   The value of a supply of services under section 4(9) is the amount received in respect of the bet, reduced by an amount equal to the tax fraction multiplied by the amount received in respect of the bet.

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    (17)   The value of a supply referred to in section 4(18) is the consideration for the acquisition of the taxable activity reduced by an amount which bears to the amount of such consideration the same ratio as the intended use or application of the taxable activity for making taxable supplies bears to the total intended use or application of the taxable activity.

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    (18)   The value of a supply referred to in section 4(21) is equal to —

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      (a)     except as provided in paragraph (b), the fair market value of the goods or services deemed to be supplied; and

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      (b)     in the case of capital goods subject to the capital allowance under the Income Tax Act, the undepreciated cost of the goods deemed to be supplied.

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    (19)   Notwithstanding this section, the value of services consisting of a hotel accommodation or tour package in Saint Lucia arranged by a non-resident, unregistered travel agent or a non-resident, unregistered tour operator is the consideration charged by the registered supplier for the services, less the commission or fee paid to that travel agent or tour operator for those services.

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    (20)   For the purposes of subsection (19) —

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      (a)     the deduction for the commission or fee paid cannot exceed 20% of the registered supplier's published rates for those services; and

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      (b)     the output tax reported on hotel accommodation or tour package specified in subsection (19) is not less than the tax the registered supplier charged the foreign travel agent or tour operator for the covered services.

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    (21)   The Minister may by Regulations prescribe rules to determine the value of a supply of particular goods or services not governed by this section.

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