open market value This is the price of a vehicle bought directly from the factory, together with other charges associated with its sale and delivery to Singapore, such as shipping and insurance. The method of valuation is based on the customs valuation code endorsed by the World Trade Organization. The import tax, goods and services tax, and the additional registration fee (ARF)— which together with the open market value (OMV) determine the car’s sale price— are computed as a percentage of its OMV.