Page 22 - P6 Slide Taxation - Lecture Day 3 - VAT Part 2
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Deemed supply: Supplies to independent branches [s 8(9)]
2. Value of supply [s 10(5)] – KL1
Lesser of:
- Cost of acquisition/manufacturing/production of
goods/services or
- Open MV (note specific inclusions, Silke p. 1078)
But, if goods/services were originally obtained from a connected
person @ cost of acquisition < open MV on date of acquisition
the actual acquisition cost will be ignored and the open MV will
be deemed to be the cost of acquisition.
3. Time of supply [s 9(2)(e)]
- When goods/services delivered/performed to branch
→ Refer Silke Example 32.28.
