Assessable value: notional VAT price adjustments under remission schemes cannot be deducted when charging central excise duty. The circular clarifies that for excise purposes transaction value equals the price actually paid or payable and only taxes actually paid or payable to government are deductible. VAT shown as a price adjustment under the remission scheme in invoices, which is not paid to the government, is not deductible when determining the assessable value for central excise duty.