VAT treatment of vouchers

EU Member States had to transpose Directive 2016/1065, which introduced new rules in relation to the issuance, transfer and redemption of vouchers. The new provisions mainly distinguish two types of vouchers: the single-purpose vouchers (SPV) and the multi-purpose vouchers (MPV). As regards the SPV, VAT becomes due upon the issuance and the subsequent sales of the vouchers. Where the supplier of the goods or services is not the person who issued the SPV, that supplier is deemed to supply the goods or services to the issuer of the voucher. As far as the MPV is concerned, VAT becomes due upon the redemption of the voucher only.