Value Added Tax Consolidation Act 2010 section 36

Definitions - Chapter 1

Section 36 defines "open market price" and "open market value" for the purposes of Chapter 1 of Part 5, establishing how goods and services are to be valued where a market-based measure is required.

• Open market price is the price (excluding VAT) that goods or services might reasonably be expected to fetch if sold on the open market at the relevant time.
• Open market price applies to supplies of goods or services (other than freehold interests in immovable goods) and to intra-Community acquisitions, but not to imports.
• Open market value is the total consideration (excluding VAT) that would reasonably be expected to be paid at arm's length, at the same marketing stage, under conditions of fair competition.
• Where no comparable supply exists, open market value defaults to the purchase price or cost price (for goods) or the full cost to the supplier (for services).