VAT regime of vouchers – clarifying regulations

VAT regime of vouchers – clarifying regulations

A new law provides clarifications on the VAT treatment applicable to vouchers in accordance with the provisions of Council Directive (EU) 2016 / 1.065 of 27 June 2016 amending Directive 2006/112 / EC.

Alin Negrescu

Tax Partner, Head of Automotive and Industrial Markets

KPMG in Romania


Legal framework
Law no. 60/2019, amending Law no. 227/2015 regarding the Fiscal Code, was published in the Official Gazette no. 296 on 17 April 2019.

Definitions and categories

  • The law defines a voucher as an instrument where there is an obligation to accept it as consideration or partial consideration for a supply of goods or services. However, for this instrument to be considered a voucher it must indicate the goods or the services to be supplied or to identify their potential suppliers.
  • The single-purpose voucher is defined as the voucher in which the place of supply of the goods or services to which the voucher relates, and the VAT due on those goods or services, are known at the time of issuance of the voucher. With respect to the multi-purpose voucher, the law merely states that it is any voucher other than the voucher which qualifies as single-purpose voucher.
  • Moreover, the law also clarifies the VAT chargeability related to the above. Thus, according to the amendments, "each transfer of a single-purpose voucher made by a taxable person acting in its own name shall be regarded as a supply of the goods or services to which the voucher relates." In other words, the chargeability of the tax occurs on the date of transfer of the single-purpose voucher.
  • With regard to multi-purpose vouchers, the legal provisions merely state that "the actual handing over of the goods or the actual provision of the services in return for a multi-purpose voucher accepted as consideration or partial consideration by the supplier shall be subject to VAT." Specifically, in these cases, the VAT chargeability occurs at the time of supply of the goods or services purchased using the multi-purpose voucher.

KPMG comment

Considering the new rules regarding the VAT treatment for vouchers, which significantly amend the previous provisions mentioned in the Fiscal Code, we believe it becomes necessary to analyze the potential implications for the activities carried out by companies which use vouchers.

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