Goods and Services Tax Act 1993 · 2020 Revised Edition · Part 3 · Imposition and Extent of Tax
18A. Entry value of items of goods
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This section applies for the purpose of determining the entry value of any item of goods.
Except for the purposes of determining whether the supply of any item of goods gives rise to a reverse charge supply under section 14, the entry value of the item is the consideration for the supply of the item, less all of the following amounts that are included in that consideration:
transport and insurance charges for the item for the period beginning when the item leaves the country or territory from which it is supplied and ending when it is delivered to a place in the customs territory;
any tax chargeable on the supply of the item under section 8;
any customs duty or excise duty.
For the purposes of subsection (2), the supplier of the goods may use a reasonable estimate of any of the amounts mentioned in subsection (2)(a), (b) and (c), based on the information available to the supplier at the point of sale of the goods.
Instead of applying subsections (2) and (3), the supplier may elect for the entry value of any item of goods to be the value determined in accordance with section 18 for the item.
An election made under subsection (4) must be made by notifying the Comptroller in such form and manner and within such time as the Comptroller may require.
Comptroller
“Comptroller” means the Comptroller of Goods and Services Tax appointed under section 4 and includes for all purposes of this Act, except the exercise of the powers conferred upon the Comptroller by section 5(2), a Deputy Comptroller or an Assistant Comptroller;
For the purposes of determining whether the supply of any item of goods gives rise to a reverse charge supply under section 14, the entry value of the item is the value determined in accordance with section 18 for the item.
reverse charge supply
“reverse charge supply” means a supply of services treated as having been made by the recipient of those services under section 14(2);