(1) The value of a taxable supply is-

(a) where the supply is for money consideration the amount of the consideration with the addition of all duties and taxes but excluding the tax; and

(b) where the supply is not for money consideration or is only partly for money consideration, the open market value of similar supply excluding the tax.

(2) For the purposes of this Act the open market value of supply of goods or services means the value determined under subsection 1(a) of this section, if the supplier, purchaser or any other person concerned in the transaction were completely independent of each other and did not in any way influence the transaction.

(3) Where the open market value of a taxable supply cannot be determined under subsection (2) the open market value of the supply shall be the amount that, in the opinion of the Commissioner having regard to all the circumstances of the supply, is the fair market value of the supply.

(4) The taxable value of-

(a) a taxable supply of goods under a hire purchase agreement or finance lease,

(b) a taxable supply of goods by way of an application to own use;

(c) a taxable supply for reduced consideration; or

(d) a taxable supply described in section 8(4) is the open market value of the goods or services at the time the supply is made, excluding, in the case of a hire purchase agreement or finance lease, any interest or finance charges.

(5) Where a taxable supply is made without a separate amount of the consideration being identified as a payment of the tax, the taxable value of that supply shall be the amount of the consideration paid excluding the tax.

(6) For the purposes of subsection (1) "similar supply" in relation to a taxable supply, means a supply that is identical to or closely or substantially resembles the taxable supply, having regard to the characteristics, quality, quantity supplied, functional components, reputation of, and materials comprising the goods or services which are the subject of the taxable supply.