Assessment of sales shown in accounts at low prices - Benefit of ...

VAT and Sales Tax

August 2, 2022

Assessment of sales shown in accounts at low prices - Benefit of exemption from VAT - sale of footwear - The language of the section is specific insofar as it states that the pricing should be 'abnormally low' when compared to the 'prevailing market price of such goods'. The prevailing market price must be taken into account which means that comparison must have been arrived at as between the prices of the manufacturer/petitioner and other identically placed manufacturers. This has admittedly not been done. - HC

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Assessment of sales shown in accounts at low prices - Benefit of ...

VAT and Sales Tax

August 2, 2022

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