https://www.taxtmi.com/caselaws?id=162486 For VAT purposes, the taxable amount for non-monetary consideration in a part-exchange car transaction is the consideration actually agreed by the parties, not a lower figure recorded for a separate contractual purpose. The documentation showed that the negotiated part-exchange price was the value adopted for the transaction, while the lower "true value" was used only to limit any refund on cancellation. Fiscal neutrality did not require that commercially similar structures be treated as identical where the legal attribution of value was different. The agreed part-exchange price therefore remained the proper monetary equivalent for VAT, and the lower figure could not be substituted as a discount. en-us Thu, 04 Dec 2003 00:00:00 +0530 Thu, 27 Feb 2014 18:04:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162486 For VAT purposes, the taxable amount for non-monetary consideration in a part-exchange car transaction is the consideration actually agreed by the parties, not a lower figure recorded for a separate contractual purpose. The documentation showed that the negotiated part-exchange price was the value adopted for the transaction, while the lower "true value" was used only to limit any refund on cancellation. Fiscal neutrality did not require that commercially similar structures be treated as identical where the legal attribution of value was different. The agreed part-exchange price therefore remained the proper monetary equivalent for VAT, and the lower figure could not be substituted as a discount. Case-Laws VAT and Sales Tax Thu, 04 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162486