The future of vouchers
After two years of public consultations, as well as various rounds of discussions between member states, new rules on the VAT treatment of vouchers are just about to be born. The amendments to the VAT Directive are expected to be finalised, approved and to enter into force as of 1 January 2015.
In May 2012 the European Commission put forward a proposal to amend the VAT Directive in order to ensure a harmonised treatment of vouchers across the European Union. Based on information made public at that time, vouchers represented a market of more than €52bn (£42bn)/year in the EU, out of which approximately 70 per cent consisted of prepaid telecom, followed by gift vouchers and discount vouchers.
In the lack of a definition for vouchers, as well as the existence of different local approaches with respect to the applicable treatment, cross-border supply chains involving vouchers have the potential in resulting either in double taxation or in non-taxation. Hence the need for harmonisation…
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