Singapore legislation
Section 17
Section 17
Value of supply of goods or services
(1)
For the purposes of this Act and subject to the Third Schedule, the value of any supply of goods or services is determined in accordance with this section.
(2)
If the supply (other than one from which a reverse charge supply arises) is for a consideration in money, its value is taken to be such amount as, with the addition of the tax chargeable, is equal to the consideration.
(3)
If the supply (including one from which a reverse charge supply arises) is not for a consideration or is for a consideration not consisting or not wholly consisting of money, the value of the supply is taken to be its open market value.
(3A)
A reverse charge supply has a value that is of an amount equal to the consideration for the services in fact supplied that gave rise to the reverse charge supply.
(3AA)
3AA
Where a reverse charge supply arises from services supplied by a person or branch mentioned in section 14(1)(a) or member of the group mentioned in section 30(1A), then, for the purpose of determining the value of the reverse charge supply, any amount required to be withheld as tax under the Income Tax Act 1947 must not, if included in the consideration for the supply in fact made, be deducted.
(3B)
Where the reverse charge supply of a recipient arises from —
a supply of services mentioned in section 14(1)(a)(ii); or
a supply of services mentioned in section 30(1A),then, for the purpose of determining the value of the reverse charge supply, any of the following that is included as part of the consideration for the services in fact supplied may be deducted:
any salary or wages relating to the employees of (as the case may be) the branch or member of the group outside Singapore making the supply of services;
interest;
any proportionate amount of mark-up in respect of such salary or wages and interest in paragraphs (c) and (d), respectively.
(3C)
For the purposes of the application of the Third Schedule, where the reverse charge supply arises from a supply of services mentioned in section 14(1)(a)(ii), the branches mentioned in section 14(1)(a)(ii) are treated as persons connected with each other.
(4)
Where a supply of any goods or services (including one from which a reverse charge supply arises) is not the only matter to which a consideration in money relates, the supply is deemed to be for such part of the consideration as is properly attributable to it.
(5)
For the purposes of this Act, the open market value of a supply of goods or services is taken to be the amount that would fall to be taken as its value under subsection (2) if the supply were for such consideration in money as would be payable by a person who has no relationship with any person which would affect that consideration.
(6)
The Minister may by order amend the Third Schedule and provide for the determination of the value of a supply of goods or services otherwise than in accordance with this section.