3. Fair market value
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(1) For the purposes of this Act, the fair market value of a supply or import of goods or services at a given date is the consideration in money which the supply or import, as the case may be, would generally fetch if supplied or imported in similar circumstances at the given date in Saint Lucia, being a supply or import freely offered and made between persons who are not related persons.
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(2) Where the fair market value of a supply or import of goods or services at a given date cannot be determined under subsection (1), the fair market value is the consideration in money which a similar supply or similar import, as the case may be, would generally fetch if supplied or imported in similar circumstances at the given date in Saint Lucia, being a supply or import freely offered and made between persons who are not related persons.
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(3) Where the fair market value of a supply or import of goods or services cannot be determined under subsection (1) or (2), the fair market value is determined in accordance with any method approved by the Comptroller which provides a sufficiently objective approximation of the consideration in money which could be obtained for that supply or import had the supply or import been freely offered and made between persons who are not related persons.
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(4) The fair market value of a supply or import is determined at the time of the supply or import as determined under this Act.
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(5) In this section —
“similar import”, in relation to goods or services, means goods or services produced in the same country which although not alike in all respects, have the characteristics and like component materials which enable the goods and services to perform the same functions and to be commercially interchangeable;
“similar supply”, in relation to a supply of goods or services, means any other supply of goods or services that, in respect of the characteristics, quality, quantity, functional components, materials, and reputation of the first-mentioned goods or services, is the same as, or closely or substantially resembles, that supply of goods or services.