Open Market Value (OMV) price

You apply Value-Added Tax (VAT) to the Open Market Value (OMV) of a supply of:

  • goods
  • or
  • services

when you receive a determination from Revenue advising you to do so.

Revenue issues determinations on the application of OMV to ensure the correct collection of tax. Any determination can be appealed to the Tax Appeal Commission.

The OMV is the price that an unconnected person would reasonably be expected to pay for a comparable good or service. If no comparable supply exists, OMV is deemed to be the cost price of the product or service to the person making the supply.