Section 3

Open market value

Subsections:   1,  2, 

(1)

  The open market value of excisable goods or services at a particular time is the price that the goods or services would reasonably be expected to fetch in an arm’s length transaction at that time at the wholesale level.

(2)

  If the open market value of excisable goods or services at a particular time cannot be determined under subsection (1), the open market value shall be the price which is an objective approximation of the price of the goods or services according to the Fourth Schedule of the East African Community Customs Management Act.