12/24/21, 10:58 AM Transitioning into sales tax and service tax – clarifying the confusion | ACCA Global
Taxable value Manufactured goods - the sale value of
taxable goods determined based on the
transaction value of the taxable goods i.e.
the price for which the taxable goods are
actually sold by the registered
manufacturer to the purchaser.
 
Imported goods - the sale value of the
taxable goods shall be the sum of the
following amounts:
(i) The value of such taxable goods for
the purpose of customs duty;
(ii) Customs duty, if any, paid or to be
paid on such taxable goods; and
(iii) Excise duty, if any, paid or to be paid
on such taxable goods.
 
Accounting for Manufactured goods
tax
The tax is due at the time the taxable
goods are sold, disposed of otherwise
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Taxable service for the sale of goods
(a) Where the receiver of the service is
not connected with the taxable person,
the value is determined based the actual
price for which the goods are sold;
(b) Where the receiver of the service is
connected with the taxable person or
where no charge is levied, the value is
based on the price at which the goods
would have been sold in the ordinary
course of business to a person not
connected with the taxable person.
Other taxable services
(a) Where the receiver of the service is
not connected with the taxable person,
the value for charging service tax shall be
determined based on the actual price for
which the taxable services are provided
or the actual premium or contribution paid
for the insurance coverage;
(b) Where the receiver of the service is
connected with the taxable person or
where the services are provided for free,
the value is based on the open market
value of the taxable service i.e. provided
in the ordinary course of business to a
person not connected with the taxable
person.
Taxable services by taxable person
The tax is due at the time when payment
is received for the taxable service
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