uncategorizedTax Alert No. 09/2016: VAT taxation of vouchers – VAT Directive

On 1st July, 2016 there has been published the Council Directive (EU) 2016/1065 introducting to VAT Directive 2006/112/EC rules on taxation of the vouchers.

The new law adopts:

• definitions of “voucher”, “single-purpose voucher” and “multi-purpose voucher”,
• rules on taxation of transferring the vouchers, and
• the method of determination of the base of taxation of the vouchers.

The Member States have time to update the VAT law up to 31 December 2018 as the new law will be applicable as of 1^st January 2019.