Section 4, The Goods and Services Tax Act, 2009

(1) The fair market value of a supply of goods or services,including anything provided as in-kind consideration for a supply, is– (a) the consideration the supply would fetch in an open market transaction freely made between unrelated persons; or (b) if it is not possible to determine an amount under paragraph (a), the consideration a similar supply would fetch in an open market transaction freely made between unrelated persons, determined on the basis of the market conditions, including the registration status of the supplier prevailing at the time and place of the actual supply. (2) For the purposes of paragraph (b) of subsection (1), one supply is similar to another if it is the same as or closely resembles the other supply in character, quality, quantity, functionality, materials and reputation. (3) If the fair market value of a supply cannot be determined under subsection (1), it may be determined using any method approved in writing by the Commissioner-General for calculating an objective approximation of the consideration the supply would fetch in an open market transaction freely made between unrelated persons. (4) If the fair market value is to be determined for particular goods or services, or for a particular asset, that value shall be determined by reference to the value that a supply of those goods or services or that asset, would fetch in a transaction freely made under appropriate market conditions. 16 17 Consideration. Fair market value.