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Part-Exchanges, Returned Goods, Deposits etc.

Value Of Supply



The value of a taxable supply is the basis for determining the VAT payable in respect of a supply. It is also relevant as it determines if a supplier is required to register for VAT.  The value of a supply of goods or services is the amount of the consideration for the supply.


Where a portion of the price of a taxable supply represents tax imposed by the VAT Act that is not accounted for separately, the value of the supply is the price reduced by an amount equal to the tax fraction multiplied by that price.


The tax fraction would be calculated as follows:

R / (I+R)

Where 'R' is the rate of VAT applicable to the supply and 'I' is equal to 100 as determined under the Act.



EXAMPLE: The Displayed Price of a taxable item is EC$300 (INCLUSIVE OF VAT)

Using the Tax Fraction to determine the VAT charged - R/ (I+R)

R= 15%

$ 300 x (.15/1.15) = $ 39.13

$ 39.13 is the value of the VAT charged

The value of the supply therefore is $ 300 - $39.13 = $260.87


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St. Lucia Inland Revenue Department
VAT Section
Manoel Street
St. Lucia, W.I.

Tel: (758) 468 2800
Fax: (758) 452 4984

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Government of Saint Lucia

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