Valuation of import of services: invoice value deemed open market value where recipient has full input credit under reverse charge. Where a recipient of imported services from a related foreign person is eligible for full input tax credit, the value declared in the invoice by the recipient shall be deemed to be the open market value of those services. The recipient must pay tax under the reverse charge mechanism and issue a self-invoice; if no invoice is issued by the recipient for particular services, the recipient may deem the value as Nil, which shall be treated as the open market value for valuation purposes.
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Valuation of import of services: invoice value deemed open market value where recipient has full input credit under reverse charge.
Where a recipient of imported services from a related foreign person is eligible for full input tax credit, the value declared in the invoice by the recipient shall be deemed to be the open market value of those services. The recipient must pay tax under the reverse charge mechanism and issue a self-invoice; if no invoice is issued by the recipient for particular services, the recipient may deem the value as Nil, which shall be treated as the open market value for valuation purposes.
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