Proposal for a COUNCIL DIRECTIVE amending Directive 2006/112/EC on the common system of value added tax, as regards the treatment of vouchers
Date: 2012-05-10
Institutions: European Commission
Subjects: VAT, double taxation, financial instrument, goods and services, tax evasion

EUROPEAN COMMISSION 

Brussels, 10.5.2012  
COM(2012) 206 final 

2012/0102 (CNS) 

Proposal for a 

COUNCIL DIRECTIVE 

amending Directive 2006/112/EC on the common system of value added tax, as regards 
the treatment of vouchers 

{SWD(2012) 126 final} 
{SWD(2012) 127 final} 

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EXPLANATORY MEMORANDUM 

1. 

CONTEXT OF THE PROPOSAL 

Grounds for and objectives of the proposal 

Neither the Sixth VAT Directive1 nor the VAT Directive2 provide for rules on the treatment 
of  transactions  involving  vouchers.  Using  a  voucher  in  a  taxable  transaction  can  have 
consequences  for  the  taxable  amount,  the  time  of  a  transaction  and  even  in  certain 
circumstances, the place of taxation. Uncertainty about the correct tax treatment can however 
be  problematic  for  cross-border  transactions  and  for  chain  transactions  in  the  commercial 
distribution of vouchers. 

The  absence  of  common  rules  has  obliged  Member  States  to  develop  their  own  solutions, 
inevitably uncoordinated. The resultant mismatches in taxation cause problems such as double 
or non-taxation but also contribute to tax avoidance and form barriers to business innovation. 
Moreover, increased functionality in vouchers has made the distinction between vouchers and 
more generalised payment instruments less clear. 

The world has moved on since common VAT rules were adopted in 1977 and the increased 
use  of  vouchers  is  just  one  of  many  changes  which  have  transformed  the  way  in  which 
business is done, introducing complexities which were not envisaged at the time. 

The Court of Justice of the European Union (‘CJEU’) has on several occasions been asked to 
explain how the VA Directives should apply in such circumstances. For vouchers, this process 
has  given  some  guidance  but  has  left  other  problems  unresolved.  The  objective  of  this 
proposal is to deal with these issues by clarifying and harmonising the rules in EU legislation 
on the VAT treatment of vouchers. 

General context 

In  making  this  legislative  proposal,  the  search  is  for  clarity.  This  should  extend  to  the  tax 
consequences of the different types of vouchers when issued, distributed or redeemed, either 
within a single Member State or in operations which extend to more than one Member State. 

What is a voucher? 

For the purposes of the VAT rules, a voucher is an instrument which gives the holder a right 
to  goods  or  services,  or  to  receive  a  discount  or  rebate  in  relation  to  a  supply  of  goods  or 
services. The issuer assumes an obligation to supply goods or services, to give a discount or 
pay a rebate. 

A voucher may be in electronic or physical form and generally has an underlying commercial 
or promotional objective, which may be to promote the supply of particular goods or services 

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Council Directive 77/388/EEC of 17 May 1977 on the harmonization of the laws of the Member States 
relating to turnover taxes – Common system of value added tax: uniform basis of assessment (OJ L 145, 
13.6.1977, p. 1) (‘the Sixth VAT Directive’). 
Council  Directive  2006/112/EC  of  28 November  2006  on  the  common  system  of  value  added  tax 
(OJ 2006  L 347,  p. 1)  (‘the  VAT  Directive’),  replacing  the  Sixth  VAT  Directive  as  from  1 January 
2007. 

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or to expedite the payment for particular goods or services. In other words a voucher is aimed 
at developing the market for goods or services, to instil loyalty in customers or facilitating the 
payment  process.  These  objectives  help  to  distinguish  a  voucher  from  instruments  such  as 
traveller's cheques where the objective is only to make payments. 

Any instrument whose purpose is merely the making of payments falls outside the definition 
of a voucher for VAT purposes. For pure payment services, other VAT rules apply. 

Vouchers  come  in  different  types.  Some  are  issued  against  consideration  and  today  can  be 
taxed either at sale or at redemption, depending on the approach of individual Member States. 
A voucher may also be issued for free and entitle the holder to the supply of goods or services 
without  further  charge.  Such  a  supply  can  be  considered  as  a  business  gift.  A  free  discount 
voucher that entitles the holder to receive a discount on a subsequent transaction can be seen 
simply as an obligation to grant a price reduction. 

A right to a discount on all purchases over a period of time, even if granted against payment, 
is not however considered here to be a voucher because the entitlement is independent of the 
purchase  transactions.  The  open-ended  nature  of  such  a  right  (even  if  restricted  in  time)  is 
quite  different  to  a  discount  voucher  where  the  right  is  once-off  and  linked  to  a  specific 
supply. This however does not mean that such a service will not be taxed. 

What questions on the current VAT treatment of vouchers need attention? 

A basic question arises about when transactions linked to a voucher should be taxed. Without 
common  rules,  the  practices  in  Member  States  are  not  coordinated.  Some  tax  the  most 
common types of vouchers on issue whilst others tax on redemption. This creates uncertainty 
for  businesses,  particularly  those  wishing  to  exploit  single  market  opportunities.  Where  a 
voucher  is  issued  in  one  Member  State  and  used  in  another,  the  practical  consequences  of 
mismatches in taxation include double and non-taxation. 

The dividing line between vouchers (where the VAT rules are being addressed in the current 
exercise)  and  the  development  of  innovative  payment  systems  (whose  VAT  treatment  is 
addressed elsewhere in the VAT Directive) needs to be clarified. 

Vouchers often arrive in the hands of consumers via a chain of distributors (notably, prepaid 
telecommunications vouchers). Here again, the absence of common rules has led to a patch-
work  approach,  sometimes  incorporating  local  concessional  arrangements,  which  acts  as  a 
barrier to the development of intra-EU business models. 

Discount  vouchers  may  involve  a  refund  by  a  manufacturer  or  distributor  (who  issues 
discount  vouchers)  to  a  retailer  to  compensate  for  a  price  reduction  given  to  a  customer 
against a discount voucher. The existing rules, as interpreted by the CJEU, are cumbersome 
and difficult to apply in practice. A better approach is badly needed. 

2. 

WHAT ANSWERS ARE PROPOSED? 

To solve these problems, changes to the VAT Directive are envisaged. They fall  under  five 
headings. 

1. 

Defining vouchers for VAT purposes 

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The  first  step  is  to  make  clear  what  a  voucher  is  for  VAT  purposes.  This  involves  a  new 
Article 30a. The VAT Directive needs to be clear about which vouchers are to be taxed when 
issued  and  which  are  to  be  taxed  only  when  redeemed.  The  former  are  described  as 
‘single-purpose vouchers’ and the latter as ‘multi-purpose vouchers’. This distinction hinges 
on  whether  the  information  is  available  to  tax on issue or whether, because  their end-use is 
subject  to  choice,  taxation  has  to  await  redemption.  It  is  also  necessary  to  ensure  that 
instruments  which  can  currently  be  used  in  settlement  in  multiple  unconnected  outlets  and 
which are today not generally treated as vouchers should continue to be treated in the same 
manner. 

Innovation in the delivery of payment services has blurred the distinction between vouchers 
and  traditional  payment  systems.  Article 30a  also  provides  needed  clarity  on  the  limits  to 
vouchers for VAT purposes. 

2. 

Time of taxation 

Once the different types of vouchers have been identified, some further changes are needed to 
ensure that the correct VAT treatment is clear. 

The current rules on the time of chargeability of the tax (in Article 65) should be adjusted to 
ensure that single-purpose vouchers (SPVs) are subject to VAT at the time they are issued and 
paid for. 

To avoid confusion, the supply of the right which is inherent in a voucher and the underlying 
supply of goods or services cannot be regarded as separate transactions. SPVs are taxed from 
the  outset  so  this  potential  problem  will  not  arise.  For  vouchers  which  are  not  taxed  when 
issued because the place and level of taxation cannot yet  be established,  tax  should only be 
charged when the underlying goods or services are supplied. To make sure this happens, and 
that only this happens, a new Article 30b is proposed. This makes it clear that the issue of a 
voucher  and  the  subsequent  supply  of  goods  or  services  constitute  a  single  transaction  for 
VAT. 

3. 

Rules for distribution 

Once the VAT Directive has established that multi-purpose vouchers (MPVs) are to be taxed 
on  redemption,  some  issues  which  relate  to  their  distribution  need  to  be  addressed.  Before 
they  arrive  in  the  hands  of  a  consumer,  these  vouchers  often  pass  through  a  chain  of 
distributors. Although the underlying transaction is not to be taxed until the eventual supply of 
goods or services takes place, the commercial distribution of an MPV is in itself a supply of a 
taxable  service  which  is  independent  of  the  underlying  supply.  When  this  MPV  changes 
hands in a distribution chain the taxable amount for the service involved can be measured via 
the  evolution  in  the  value  of  the  voucher.  Where  a  distributor  buys  a  voucher  for  X  and 
subsequently  sells  it  for  a  higher  figure,  X  plus  Y,  the  increment  Y  puts  a  value  on  the 
distribution service supplied. 

Since distribution chains for MPVs can extend across several Member States, common rules 
are necessary for identifying and measuring this distribution service. An additional point (d) 
to Article 25 makes clear that the distribution is a supply of a service for the purposes of the 
VAT Directive. The computation of the taxable amount for this service is dealt with in a new 
Article 74b. 

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To facilitate  the computation of the taxable amount for each stage of a distribution chain, a 
concept of nominal value is established and defined in Article 74a as the total consideration 
accruing to the issuer of an MPV which in turn is the taxable amount (plus VAT) attributable 
to the supply of the underlying goods or services. 

The  construction  used  in  these  two  provisions  ensures  that  the  totality  of  the  taxable 
operations associated with an MPV – the supply of a distribution service and the supply of the 
underlying goods or services – are described and taxed in a manner which is comprehensive, 
neutral and transparent. 

4. 

Discount vouchers 

Difficulties  arise  with  discount  vouchers  when  the  discount  is  ultimately  met  by  the  issuer 
rather than the redeemer. To avoid a complex series of adjustments, it is proposed to treat this 
discount  as  a  separate  supply  of  a  service  by  the  redeemer  to  the  issuer.  The  measures 
required for this are set out in a new point (e) to Article 25 and in Article 74c.  

5. 

Other technical or consequential changes 

Some  further  technical  changes  to  the  VAT  Directive  will  be  required  to  ensure  the  proper 
functioning  of  these  solutions,  notably  as  regards  the  right  of  deduction  (Article 169),  the 
person  liable  for  payment  of  the  tax  (Article 193)  and  other  obligations  (Article 272). 
Technical  changes  to  Articles 28  and  65  are  needed  to  deal  correctly  with  MPVs  and  SPVs 
respectively. 

3. 

TECHNICAL  EXPLANATION  OF  THE  MAIN  ELEMENTS  OF  THE 
PROPOSAL 

The definition of vouchers and the different criteria which apply including the time of taxation 
(Article 30a(1) and (2) and Article 30b) 

VAT rules should be clear and consistent about when tax is to be charged. If the information 
needed  for  a  correct  taxing  decision  is  not  available  when  a  voucher  is  first  issued,  the 
practical consequences are that taxation can only be settled at the time of redemption. In the 
absence  of  any  guidance  in  the  VAT  Directive,  there  is  no  consensus  on  which  vouchers 
should be taxed at  the  time  of  issue  and which  should  be  taxed  on  redemption.  As  a  result, 
some Member States will treat a particular kind of voucher (say, a prepaid phone credit3) as a 
payment on account to be taxed upfront whilst other Member States will deal with the same 
type  of  voucher  by  taxing  the  eventual  supply4.  If  a  voucher  is  issued  in  the  former  and 
redeemed in the latter, then both will levy VAT on the same supply. This is legitimate from 
both perspectives, but the result is double taxation. In the converse situation no Member State 
would levy VAT and the result is non-taxation. 

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Prepaid  phone  credits  are  the  most  common  kind  of  voucher.  The  economic  study  annexed  to  the 
Impact  Assessment  estimates  the  total  value  of  prepaid  mobile  phone  credits  for  the  EU  in  2008  at 
EUR 38 billion. 
The  different  approaches  to  the  time  of  taxation  of  vouchers  are  set  out  in  the  Impact  Assessment 
accompanying this proposal. 

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Double  taxation  arising  from  mismatches  can  and  does  act  as  a  barrier  to  commercial 
arrangements  seeking  to  take  advantage  of  single  market  opportunities.  Conversely, 
unintentional non-taxation through mismatches can be exploited for abusive purposes.  

To deal with this problem, the proposal starts by defining vouchers and the main categories of 
vouchers, distinguishing in particular between SPVs and MPVs. 

An SPV entitles the holder to receive identified goods or services in circumstances when the 
level of taxation (in particular, the rate of VAT), the supplier's identity and the Member State 
in which the underlying supply of goods or services takes place, can be definitively identified 
from  the  outset.  The  VAT  treatment  is  settled  when  the  voucher  is  sold.  An  example  of  an 
SPV is where a service provider sells vouchers (either directly or via an agent) which carry an 
entitlement  to  a  defined  service  (e.g.,  telecommunications)  to  be  supplied  in  one  particular 
Member State. 

An MPV entitles the holder to receive goods or services where these goods or services or the 
Member State where they are to be supplied and taxed are not sufficiently identified such that 
the  VAT  can  be  fixed  at  the  time  the  voucher  is  issued.  An  example  would  be  where  an 
international  hotel  chain  seeks  to  promote  its  products  through  vouchers  which  can  be 
redeemed for accommodation in its establishments in any of several Member States. Another 
would be where prepaid credit could be used either for telecommunications (standard rated for 
VAT) or to pay for public transport (where a reduced rate may apply). 

Distinction between vouchers and payment instruments (Article 30a(2)) 

Given  the  different  VAT  treatments,  neutrality  requires  that  there  is  a  clear  distinction 
between vouchers and more general means of payment which takes account of their respective 
intrinsic  natures.  Where  a  mere  method  of  payment  acquires  some  of  the  characteristics 
associated with vouchers (e.g., a stored value card or a prepaid credit stored on or linked to a 
mobile phone), it would be necessary to look closely at the essential nature of its operation. 
The  redemption  of  a  voucher  against  goods  or  services  is  not  a  payment  but  rather  the 
exercising of a right subsequent to a payment which occurred when the voucher was issued or 
changed hands. On the other hand, where a stored or prepaid credit is used to meet the cost of 
goods or services, any entitlement to such goods or services occurs only when the payment is 
made. Conceptually, this is fundamentally different to the exercising of an acquired right by 
the holder of a voucher. 

Vouchers  should  always  lead  to  the  supply  of  goods  or  services  and  are  often  issued  to 
promote  the  sales  of  a  particular  supplier  or  group  of  suppliers  or  to  facilitate  purchases. 
These  characteristics  when  combined  with  the  entitlement  to  receive  goods  or  services 
(corresponding to an obligation to supply these goods or services) play a role in distinguishing 
vouchers  from  more  general  payment  instruments  (that  do  not  contain  such  specific 
entitlements). 

The  growth  in  the  number  of  mobile  devices  reinforces  the  need  for  a  clear  distinction 
between  prepaid  telecommunications  credits  (which  are  vouchers)  and  mobile  payment 
services more generally which are likely to leverage the prepaid billing system of the former. 
Mobile  payment  systems  typically  allow  a  consumer  to  use  a  mobile  phone  to  pay  for  an 
increasing range of goods and services over and above telecommunications services (even to 
make  money  transfers).  If  the  system  has  the  objective  of  facilitating  payment  for  a  wide 
ranging or open-ended list which may include content (music files, games, maps, data, etc) or 
other services (parking, etc) or goods (say, from a vending machine), it becomes difficult to 

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see  it  as  a  voucher.  The  distinction  between  an  MPV  (where  the  holder  has  access  to 
telecommunications  services  as  well  as  other  specified  services  or  goods)  and  a  payment 
service (where the purpose is to facilitate the spending of a prepaid credit for the purchase of 
goods or services, notably including from third party providers) hinges on the existence of a 
right to receive goods or services. 

Therefore  instruments  which  may  carry  some  of  the  characteristics  of  vouchers  but  whose 
primary role is as a means of payment should be excluded from the definition of a voucher. 
This is the purpose of Article 30a(2). 

Vouchers distributed in a chain (Article 25 point (d), Article 74a and Article 74b) 

Vouchers  can  be  distributed  in  many  ways  (for  instance  via  newspapers,  intermediaries, 
attached to products in the supermarket, etc).  

As SPVs can be taxed up front, their distribution is relatively straightforward. Distribution of 
MPVs via intermediaries in a sales chain, on the other hand, may not be so straightforward. 

Many  models  exist  but  one  perspective  would  see  the  price  at  which  the  issuer  (I)  sells  the 
MPV at the beginning of the chain differing from the price paid by the customer at the end of 
the chain because of distributors margins or mark-ups. The customer who buys the MPV at 
the end of the chain pays a higher price than the consideration obtained by the issuer of the 
voucher  at  the  beginning  of  the  chain.  Unless  the  margin  (or  mark-up)  is  accounted  for 
properly, there would be a mismatch between the (output) VAT of the issuer and the (input) 
VAT of the customer, who is possibly a taxable person with a right to deduct, expects to find 
on an invoice. 

Arrangements  like  this  are  common  in  the  distribution  of  prepaid  telecommunications 
vouchers. 

To deal with this, it is proposed to introduce a nominal value concept, a constant value fixed 
by  the  issuer  of  the  MPV  at  the  outset,  and  to  treat  any  positive  difference  between  this 
nominal  value  and  the  price  paid  by  a  distributor  of  the  MPV  as  the  consideration  for  a 
distribution  service.  The  distributor  (D1)  supplies  a  (taxed)  distribution  service  to  the 
issuer (I). Subsequent distributors (D2) supply a similar distribution service to the preceding 
distributor (who has sold them the MPV). 

This can be illustrated as follows: 

Distribution of an MPV

D1D1

II

D2D2

CC

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Company I (a telecommunications supplier) sells in this instance an MPV to a distributor (D1) 
with a nominal value of EUR 100. D1 pays EUR 80 to the issuer. The difference between the 
nominal value and the price paid is EUR 20. This amount is deemed to be the consideration 
(VAT 
the 
telecommunications supplier. 

for  a  distribution  service  supplied  by 

the  distributor 

included) 

to 

D1 will issue an invoice to I, showing the cost of the distribution service and the applicable 
VAT. Assuming a VAT rate of 25%, the distribution service will be EUR 16 and the VAT of 
EUR 4. 

D1 then sells the MPV to a sub-distributor, D2, for EUR 90. Here, D2 is seen as supplying a 
distribution service to D1 and issues an invoice reflecting the difference between the nominal 
value (EUR 100) and the amount paid (EUR 90). This will show EUR 8 for the service plus 
EUR 2 in VAT. 

D2  then  sells  the  voucher  to  the  final  customer  (C),  for  EUR 100.  C  uses  the  voucher  (a 
prepaid credit) to acquire telecommunications or other services from I. If this is for business 
use, C (a taxable person) would receive an invoice from I for EUR 100, including VAT. 

No VAT invoice is issued at any stage in relation to the sale of the MPV in the distribution 
chain. 

As far I, the telecommunications supplier and issuer of the MPV, is concerned the company 
will have supplied services to the value of EUR 80 with output VAT of EUR 20 (assuming 
always  a  constant  25%  VAT  rate  for  the  illustration).  Company I  will  have  incurred 
distribution costs of EUR 16 (plus input VAT of EUR 4) in order to place the MPV into the 
hands of the final customer. 

Neutrality of free discount vouchers (Article 25 point (e) and Article 74c) 

Free  discount  vouchers  entitle  the  holder  to  a  discount  at  redemption  against  the  supply  of 
certain goods or services. If the issuer and redeemer are the same person the taxable amount 
of these supplies is reduced with the amount of the discount (less the included VAT). Thus the 
consumer who buys a product of EUR 100 will pay only EUR 95 if he uses a EUR 5 discount 
voucher. 

In  practice  the  items  to  which  the  discount  vouchers  relate  often  pass  through  the  hands  of 
several taxable persons (such as wholesalers, distributors and the retailer) before reaching the 
final customer. The discount is often reimbursed by the issuer (for instance the manufacturer) 
to the redeemer (for instance a retailer) of the voucher. It may even happen that the consumer 
pays the normal price but receives a ‘cash back’ reimbursement (or ‘rebate’) from the issuer 
afterwards. Here, difficulties in identifying the correct tax treatment have arisen. 
Today, on the basis of the settled jurisprudence of the CJEU5, the original issuer (wholesaler 
or  manufacturer)  can  deduct  the  reimbursement  made  to  the  redeemer  from  the  price  of  the 
original  sale  of  the  goods  to  which  the  voucher  refers.  To  avoid  a  tax  loss  (the  subsequent 
taxable persons in the chain do not have to correct their input VAT) the reimbursement is seen 
as a third party payment by the manufacturer to the redeemer which must be added (except 

5 

Case  C-317/94  Elida  Gibbs  Ltd  v  Commissioners  of  Customs  and  Excise  [1996]  ECR I-5339;  Case 
C-427/98  Commission  of  the  European  Communities  v  Federal  Republic  of  Germany  [2002] 
ECR I-8315. 

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the  included  VAT)  to  the  taxable  amount  on  the  invoice  issued  by  the  redeemer  to  the 
customer.  Hence  in  the  example  above,  the  redeemer  will  issue  an  invoice  of  EUR 100 
(including VAT) to the customer, even if the customer has paid only EUR 95. 

Problems still arise however where these adjustments need to be made through a distribution 
chain  (this  is  complex  and  businesses  face  inconsistencies  in  VAT  accounting  and 
documentation rules) or where the voucher is redeemed in a Member State other than that in 
which  it  has  been  issued.  There  is  no  easy  solution  to  the  conflict  between  the  right  of 
deduction of the customer (when the voucher is used by a taxable person for goods or services 
which will be used for his economic activity) and the reduction of the taxable amount for the 
manufacturer. Moreover, the jurisprudence fails to deal with the outcome where the issuer of 
the voucher is not the source of the refund. 

An appropriate modification of the existing situation is therefore being proposed. Instead of 
representing  third  party  consideration,  the  reimbursement  is  henceforth  to  be  seen  as 
consideration  (VAT  inclusive)  for  the  supply  of  a  redemption  service.  Rather  than  reducing 
the  taxable  amount  of  the  first  sale,  the  manufacturer  (who  issues  the  voucher)  deducts  the 
input VAT on the redemption service supplied by the redeemer. 

When  a  free  discount  voucher  is  presented  for  redemption  against  a  supply  of  goods  or 
services, the price paid will still be reduced by its face value but this then acts to reduce the 
taxable amount of the supply. This taxable amount (plus the VAT) is the price effectively paid 
by  the  customer.  In  the  example  above  this  means  that  the  redeemer  issues  an  invoice  for 
EUR 95  (including  VAT).  The  customer  can  never  deduct  more  VAT  than  appropriate  and 
neutrality is restored. 

This can be illustrated as follows: 

Redemption of a discount voucher

W1W1

W2W2

MM

RR

CC

Company M, a manufacturer, sells goods to a wholesaler W1 for EUR 70. W1 then sells them 
to  W2  for  EUR 80  who  in  turn  sells  them  to  R,  a  retailer,  for  EUR 90  (all  figures  VAT 
inclusive). 

R finally sells the goods to the end customer, C, for EUR 100. 

Meanwhile,  to  encourage  sales  M  distributes  a  free  discount  voucher  which  entitles  to  a 
EUR 5 discount via newspapers and one of these is held by C when he makes his purchase. 
This is accepted in part-payment by R who in turn asks M for re-imbursement.  

Today, this reimbursement allows M to reduce the taxable amount of the supply to W1. It is 
however considered impractical to carry this adjustment through the distribution chain and the 

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CJEU solution was to treat the EUR 5 as a third party payment. This however is an imperfect 
solution, leading to a tax loss, if C is a taxable person (with a right to deduct input tax) or if 
the  chain  of  supply  involves  more  than  one  Member  State  (with  a  zero-rated  intra-EU 
acquisition). 

To deal with this, the proposed point (e) to Article 25 sees the EUR 5 as a redemption service 
for  which  R  issues  an  invoice  to  M  (the  EUR 5  being  the  VAT  inclusive  amount).  M  no 
longer adjusts the taxable amount of the original supply and C, who pays EUR 95 in reality, 
receives an invoice for that amount (all figures include VAT). 

CONSULTATION OF INTERESTED PARTIES 

The issue of the VAT treatment of vouchers was discussed in Fiscalis seminars in 2002 and 
2006 with representatives from the fiscal authorities of the Member States. This was followed 
by a public consultation in 2006 the results of which can be found at: 

http://ec.europa.eu/taxation_customs/common/consultations/tax/article_2992_en.htm. 

Most  contributions  concluded  that  the  problems  are  largely  attributable  to  different 
applications  of  VAT  rules  by  Member  States,  causing  particular  problems  for  intra-EU 
operations.  A  harmonised  interpretation  of  the  current  rules  is  needed  and,  in  the  view  of 
respondents,  this  probably  requires  changes  in  primary  legislation.  A  legal  definition  of 
vouchers for VAT purposes was generally considered essential. 

Evolution in the versatility of vouchers means that the dividing line with mainstream means 
of  payment  is  not  always  clear  or  consistent.  As  a  result,  neutrality  of  treatment  between 
systems having the same functionalities was widely considered as needing attention. 

IMPACT ASSESSMENT 

The  problems  encountered,  which  this  initiative  seeks  to  address,  are  attributable  to 
shortcomings in legislation which has not kept abreast of recent commercial developments. 

The  proposal  is  accompanied  by  an  Impact  Assessment.  It  concludes  that  the  only  realistic 
way  to  deal  with  the  identified  shortcomings  is  a  modernisation  of  the  VAT  Directive  by 
inserting new provisions which deal with vouchers. 

Two  other  options  were  considered:  doing  nothing  and  a  soft-law  approach.  The  former 
would  imply  leaving  the  problems  encountered  for  the  Member  States  to  resolve.  The 
Member  States  could  put  in  place  ad-hoc  solutions  or  seek  guidance  from  the  CJEU.  An 
example  of  the  latter  could  be  the  issuing  of  guidelines.  However,  none  of  these  options 
would ensure legal certainty or a legal act modifying the existing VAT rules. The deficiencies 
identified,  notably  the  absence  of  guidance  in  the  VAT  Directive  which  would  assure  a 
consistent treatment by Member States, are particularly unfortunate in the tax area where legal 
certainty is especially important. 

A  study  undertaken  made  by  Deloitte  is  included  as  an  annex  to  the  Impact  Assessment.  It 
sustains the economic justification for making this legislative proposal, in particular the actual 
and  potential  consequences  from  mismatches  between  Member  States.  It  also  confirms  that 
vouchers  for  pre-paid  telecom  services  are  by  far  the  most  significant  category  of  vouchers 
and  differences  in  their  tax  treatment  is  widespread.  This  can  lead  to  avoidance  schemes, 

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distortion  of  competition  or  even  makes  economic  exploitation  unattractive  because  of  tax 
uncertainties. 

LEGAL ELEMENTS OF THE PROPOSAL 

The  proposal  consists  of  several  amendments  to  the  VAT  Directive  aimed  to  define  clearly 
the  different  types  of  vouchers  and  to  harmonise  their  VAT  treatment.  It  is  based  on 
Article 113 of the Treaty on the Functioning of the European Union (TFEU). 

Subsidiarity principle 

The proposed changes are needed in order to clarify and to harmonise the rules concerning the 
VAT  treatment  of  vouchers.  This  objective  cannot  be  sufficiently  achieved  by  the  Member 
States. 

Firstly,  the  relevant  VAT  rules  are  set  out  in  the  VAT  Directive.  These  rules  can  only  be 
amended via the EU’s legislative process. 

Secondly,  action  by  Member  States  alone  could  not  achieve  the  objective  of  uniform 
application  of  VAT  due  to  the  possibility  of  different  interpretations  of  rules.  The  current 
legislation  is  not  clear  and  its  heterogeneous  application  by  Member  States  is  the  main 
reasons for the problems being encountered. Clarifying the VAT treatment of taxable goods 
and services supplied against vouchers requires an amendment of the VAT Directive. 

The  scope  of  the  proposal  is  limited  to  what  can  only  be  achieved  with  EU  legislation.  It 
therefore complies with the subsidiarity principle. 

Proportionality principle 

The  amendments  to  Directive  2006/112/EC  are  necessary  on  the  basis  of  the  problems 
identified  and  should  deliver  solutions  likely  to  meet  the  objectives.  These  solutions  will 
contribute to achieving tax neutrality, reducing compliance costs and eliminating the risk of 
double taxation so that economic operators can allocate resources more efficiently. Clear rules 
establishing  a  common  level  playing  field  reduce  the  scope  for  possible  tax  avoidance  and 
generate legal certainty for both taxpayers and tax administrations. 

The proposal therefore complies with the proportionality principle. 

Simplification 

The proposal provides for simplification by categorising and clearly defining different types 
of  vouchers,  by  aligning  the  VAT  treatment  for  each  type  of  vouchers  and  by  increasing 
neutrality for discount vouchers. 

Choice of instruments 

The  proposed  instrument  is  a  Directive.  No  other  means  would  be  adequate  as  the  VAT 
treatment of vouchers involves several articles of the VAT Directive. The objectives as set out 
above can therefore only be achieved by an amending directive. 

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Correlation table 

Member States are required to communicate to the Commission the text of national provisions 
transposing  the  Directive  as  well  as  one  or  more  documents  explaining  the  relationship 
between  the  components  of  this  Directive  and  the  corresponding  parts  of  national 
transposition  instruments.  The  requirement  of  such  documents  is  justified  and  proportional 
with regard to this Directive, as it will assist in ensuring that taxpayers can have clarity about 
their  rights  and  obligations  in  transactions  involving  vouchers,  particularly  where  intra-EU 
operations are concerned. 

4. 

BUDGETARY IMPLICATION  

The proposal has no implication for the European Union budget. 

5. 

DETAILED EXPLANATION OF THE PROPOSAL  

Article 25 

Point (d) 

When MPVs pass through distribution chains, the VAT treatment of any margin or fee made 
or received by distributor should be clear and consistent. To that end it should be specifically 
provided that this represents a taxable supply of services. 

Point (e) 

The aim of point (e) is to ensure that where a voucher giving entitlement to a discount or a 
rebate is issued  for free  and redeemed by a taxable person other than the issuer  and who is 
reimbursed  by  the  issuer,  this  operation  is  to  be  considered  a  supply  of  a  service  from  the 
redeemer  to  the  issuer.  This  will  ensure  that  the  taxable  amount  plus  VAT  on  the  invoice 
issued by the redeemer will correspond to the amount actually paid by the customer/taxable 
person. 

Article 28 

This  article  is  amended  to  avoid  excessive  administrative  burdens  in  a  transaction  chain 
involving MPVs. 

MPVs are not taxed when they change hands but only at redemption. Without the clarification 
here,  there  is  a  risk  that  when  the  voucher  is  redeemed  and  the  VAT  rate  is  known,  a 
perceived  need  might  arise  to  make  corresponding  adjustments  to  all  prior  stages  of  a 
distribution chain (at the rate applicable to the goods or services redeemed). 

Such a late and retrospective VAT adjustment would be excessively cumbersome and would 
discourage business without really generating any new tax revenue (assuming that input VAT 
is  recovered  at  each  stage).  To  avoid  this,  VAT  should  not  be  applied  on  the  supply  of  a 
voucher along the chain but only to the final transaction at redemption.  

This  provision  is  to  be  read  in  conjunction  with  the  provision  of  Article 25  where  it  is 
stipulated  that  the  margin  for  distribution  of  MPV  is  separately  taxed  as  an  independent 
service. The consequences of these two provisions is that the underlying goods or services to 

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which the MPV entitles are taxed at the time of redemption, i.e. in the right place at the right 
time, while the distributor’s margin is taxed as a service each time it is supplied, i.e. each time 
the MPV changes hands. 

Article 30a 

As explained above, this article defines vouchers and sets limits to their functionality in order 
to distinguish vouchers from more general means of payment. The distinction between SPV 
and  MPV  lies  in  whether  there  is  sufficient  certainty  to  charge  tax  at  the  time  of  issue  or 
whether  it  is  necessary  to  wait  until  the  goods  or  services  are  supplied.  For  an  SPV,  there 
should be certainty about the identity of the party assuming the obligation to supply which is 
inherent in the voucher. 

Vouchers  issued  other  than  against  consideration  give  rise  to  specific  VAT  consequences 
which are dealt with separately. 

Article 30b 

Under the terms of this article, where a voucher bears a right to a supply of goods or services, 
the supply of this right and the subsequent supply of goods or services are linked and shall be 
regarded as a single transaction. 

Since the tax treatment of this single transaction shall be the same as that which would have 
been  applied  had  the  goods  or  services  not  been  supplied  through  the  use  of  a  voucher,  the 
place  of  supply  and  the  applicable  rate  should  be  determined  by  the  goods  or  services 
supplied. It also follows from this article that MPVs are taxed at redemption. SPVs are taxed 
at sale (see Article 65). 

To  avoid  confusion,  it  is  also  necessary  to  ensure  that  the  use  of  a  voucher  in  a  transaction 
which falls under the special scheme for travel agents does not interfere with the rules of that 
scheme. 

Article 65 

The paragraph added to this article deals with the chargeability of SPVs. Similar to payments 
on account, VAT shall become chargeable here on receipt of the payment and on the amount 
received. 

Article 66 

This  article  is  amended  to  avoid  that  Member  States  derogate  from  Article 65  for  SPVs. 
Otherwise  the  chargeability  of  SPVs  could  still  differ  between  the  Member  States,  possibly 
resulting in double or non-taxation. 

Article 74a 

This article deals with the taxable amount for supplies involving an MPV, including where an 
MPV is partially redeemed. It also introduces the concept of ‘nominal value’ which is crucial 
in  establishing  order  in  taxation,  particularly  for  intra-EU  operations,  as  it  ensures  that  the 
value of an MPV is constant between the beginning and the end of a distribution chain. 

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The  nominal  value  is  defined  (in  Article 74a(2))  as  everything  received  or  to  be  received 
against a voucher by the issuer of the voucher. This is needed to take account of the value of 
the distribution service supplied by a distributor (either a principle or a commission agent) of 
an  MPV  in  a  sale  chain.  The  margin  made  by  the  distributor  is  to  be  treated  as  the 
consideration  (including  the  VAT  amount)  for  a  taxed  supply  of  a  distribution  service  (see 
Article 25). 

The nominal value of an MPV is a VAT inclusive figure. The amount of the VAT included 
will be known only on redemption when, on the basis of the VAT rate applicable to goods and 
services  to  be  redeemed,  it  will  be  possible  to  split  the  nominal  value  between  the  VAT 
amount and the taxable amount. 

In the case where a customer has paid more than the nominal value, it means that a distributor 
charged  a  margin  and  the  customer  would  then  have  a  right  to  a  separate  invoice  for  that 
difference  (which  will  obviously  not  be  reflected  in  the  invoice  for  the  supply).  Where  the 
customer has paid less than the nominal value it may mean that a distributor made a loss but, 
in any case, the consideration received by the issuer does not change. 

Article 74b 

This article sets out the calculation of the distributor’s margin in case of supplies involving an 
MPV.  In  this  respect  the  taxable  amount  of  the  distribution  service  provided  is  a  balancing 
figure  –  calculated  as  the  difference  between  the  nominal  value  of  the  MPV  and  the  actual 
amount paid by the acquirer. 

The total tax amount for distribution services is constant, regardless of the number of parties 
in  the  sale  chain.  In  case  more  than  one  distributor  is  involved  the  total  tax  amount  for 
distribution services is divided among the distributors (see the example on the distribution of 
an MPV). 

Article 74c 

Since  a  free  discount  voucher  is  no  longer  to  be  treated  as  third  party  consideration  for  a 
supply,  clarity  is  needed  in  observing  and  measuring  the  taxable  amount  of  the  redemption 
service introduced by point (e) of Article 25. 

Article 169 

The paragraph included in this article, ensures consistency in the entitlement to deduction. 

If the issuer of an MPV redeems the voucher against taxed transactions, Article 168 provides 
that he can deduct the VAT due or paid in relation to the issue of that voucher. In order to 
provide  for  a  level  playing  field,  where  MPVs  are  redeemed,  in  the  course  of  transactions 
which give rise to deduction, by someone other than the issuer, it should be clarified that the 
issuer maintains the right to deduct the VAT due or paid on expenditure connected with the 
issue of the voucher. This might include printing or encoding costs. 

This provision is needed when an MPV is redeemed by someone other than the  issuer. The 
consequent  reimbursement  by  the  issuer  to  the  redeemer  is  out  of  scope.  In  the  absence  of 
such a provision, the issuer would not be able to sustain a right of deduction. 

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Article 193 

The paragraph to be included in this article, clarifies that it is always the redeemer of an MPV 
who carries out the taxable supply of goods or services and is therefore the person liable for 
payment of VAT. This is significant where the issuer and the redeemer of the voucher are not 
the same person. Only the redeemer knows what has been supplied and where and when that 
supply took place. 

Article 272 

The  aim  of  the  changes  to  this  article  is  to  ensure  that  the  information  on  cross-border 
supplies  of  services,  including  those  related  to  vouchers,  is  received  by  all  Member  States 
where  the  tax  is  due  to  ensure  that  VAT  can  be  correctly  assessed  and  collected  on  their 
territory.  In  particular  the  obligations  for  taxable  persons  to  be  identified  for  VAT  and  to 
complete recapitulative statements should apply consistently in all Member States. 

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2012/0102 (CNS) 

Proposal for a 

COUNCIL DIRECTIVE 

amending Directive 2006/112/EC on the common system of value added tax, as regards 
the treatment of vouchers 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Article 113 thereof, 

Having regard to the proposal from the European Commission, 

After transmission of the draft legislative act to the national Parliaments, 

Having regard to the opinion of the European Parliament6,  

Having regard to the opinion of the European Economic and Social Committee7,  

Acting in accordance with a special legislative procedure, 

Whereas: 

(1) 

(2) 

(3) 

Council Directive 2006/112/EC of 28 November 2006 on the common system of value 
added tax8 lays down rules on the time and place of supply of goods and services, the 
taxable  amount,  the  chargeability  of  value  added  tax  (VAT)  and  the  entitlement  to 
deduction. Those rules are, however, not sufficiently clear or comprehensive to ensure 
consistency in the tax treatment of transactions involving vouchers to an extent which 
has undesirable consequences for the proper functioning of the internal market.  

To  ensure  certain  and  uniform  treatment  and  to  avoid  inconsistencies,  distortion  of 
competition, double or non-taxation and to reduce the risk of tax avoidance, there is a 
need for specific rules applying to the VAT treatment of vouchers. 

So as to identify clearly what is a voucher for the purposes of VAT and to distinguish 
vouchers  from  payment  instruments,  it  is  necessary  to  define  vouchers,  which  can 
have physical or electronic forms, recognising their essential attributes, particularly the 
nature  of  the  entitlement  attached  to  a  voucher  and  the  obligations  assumed  by  the 
issuer of the voucher.  

6 
7 
8 

OJ C , , p. . 
OJ C , , p. . 
OJ L 347, 11.12.2006, p. 1. 

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(4) 

(5) 

(6) 

(7) 

(8) 

(9) 

The VAT treatment of the transactions associated with vouchers is dependent upon the 
specific characteristics of the voucher. It is therefore necessary to distinguish between 
various types of vouchers and the distinctions need to be set out in Union legislation. 

A right to receive goods or services or to receive a discount is inherent in the nature of 
a voucher. This right may be assigned from one person to another before the voucher 
is  eventually  redeemed.  To  avoid  the  risk  of  double  taxation,  were  the  service 
represented by such a right to be taxed, it is necessary to establish that the assignment 
of this right and the redemption of goods or services should be regarded as one single 
transaction. 

The supply of goods or services may involve direct payment or be associated with a 
voucher. To ensure neutrality in the treatment of these transactions, the tax borne by 
the single transaction should be determined by the goods or services supplied in return 
for the voucher. 

The  margin  scheme  for  travel  agents  provides  for  taxation  in  the  Member  State  in 
which the travel agent is established. To avoid a shift in the place of taxation, it should 
be  specified  that  goods  or  services  supplied  using  vouchers  remain  covered  by  this 
scheme. 

Vouchers  are  frequently  distributed  through  an  agent  or  pass  through  a  distribution 
chain based on the purchase and the subsequent resale. In order to preserve neutrality, 
it is essential that the amount of VAT to be paid on the goods or services supplied in 
return  for  a  voucher,  remains  intact.  To  assure  this,  the  value  of  multi-purpose 
vouchers should be fixed upon issue. 

If vouchers are distributed by a taxable person acting in his own name but on behalf of 
another person, the taxable person would be deemed to have received and supplied the 
vouchers  himself.  Should  the  distribution  involve  multi-purpose  vouchers  where 
taxation  takes  place  only  once  the  voucher  is  redeemed,  that  would  result  in 
adjustments  to  all  stages  of  the  distribution  chain,  generating  little  or  no  new  tax 
revenue.  In  order  to  avoid  excessive  administrative  burdens,  a  taxable  person 
distributing  such  vouchers  should  not  be  seen  as  having  received  and  supplied  the 
voucher himself.  

(10) 

It is necessary to clarify the tax treatment of the transactions linked to the distribution 
of  multi-purpose  vouchers.  Where  such  vouchers  are  purchased  below  value  to  be 
resold at a higher price, the service of distribution should be taxed based on the margin 
made by the taxable person. 

(11)  Vouchers  may  involve  the  supply  of  goods  or  services  across  borders.  Should  the 
chargeability differ between Member States, this could result in double taxation or non 
taxation.  To  prevent  such  situation,  no  derogation  from  the  rule  by  which  VAT  is 
chargeable when the goods or the services are supplied should be allowed.  

(12)  Where  payment is made on account before  supply  is made, VAT  is  however  due on 
the  amount  received.  It  should  be  clarified  that  this  also  covers  payments  made  for 
vouchers carrying a right to a supply of goods or services where the place and level of 
taxation  of  which  are  known  (single-purpose  vouchers).  For  other  vouchers  (multi-
purpose  vouchers),  VAT  should  only  become  chargeable  upon  redemption  of  the 
voucher. 

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(13)  Some  vouchers  allow  for  discounts  upon  the  supply  of  goods  or  services.  Since  the 
reduction in the price is mainly used to promote the goods and services of the issuer of 
the  voucher,  it  is  appropriate  to  provide  for  the  redemption  of  the  voucher  by  the 
supplier of the goods or services to constitute a service supplied by him to the issuer. 

(14) 

(15) 

In order to comply with the neutrality principle, where a reduction in the price of the 
goods  and  services  is  granted  in  return  for  a  voucher,  the  taxable  amount  of  the 
promotional  service  provided  by  the  redeemer  to  the  issuer  of  the  voucher  should 
consist of the reimbursement obtained by the former.  

In so far as the goods or services supplied upon redemption of a voucher are taxed, the 
taxable person is entitled to deduct the VAT incurred on expenditure in relation to the 
issue of the voucher. It should be clarified that this cost of VAT is deductible even if 
those goods or services are supplied by someone other than the issuer of the voucher. 

(16)  Several taxable persons may play a role in the issue, distribution and redemption of a 
voucher  but  in  the  case  of  multi-purpose  vouchers  only  the  redeemer  of  the  voucher 
knows what has been supplied, when and where. To ensure that the amount of VAT 
paid is correct, the redeemer should in all instances be the person liable for payment of 
VAT to the tax authorities on the goods or services eventually supplied. 

(17)  Where the distribution or redemption of a voucher itself creates a separate supply of 
services  distinct  from  the  goods  or  services  being  acquired  by  the  voucher,  and  that 
supply  is  cross  border,  it  is  important  that  VAT  obligations  are  completed  to  ensure 
the correct application and collection of the VAT due. 

(18)  Since  the  objectives  of  the  action  to  be  taken  regarding  the  simplification, 
modernisation  and  harmonisation  of  the  value  added  tax  rules  applying  to  vouchers 
cannot  be  sufficiently  achieved  by  the  Member  States  and  can  therefore  be  better 
achieved  at  Union  level,  the  Union  may  adopt  measures  in  accordance  with  the 
principle  of  subsidiarity  as  set  out  in  Article 5  of  the  Treaty  on  European  Union.  In 
accordance  with  the  principle  of  proportionality,  as  set  out  in  that  Article,  this 
Directive does not go beyond what is necessary in order to achieve those objectives. 

(19) 

In  accordance  with  the  Joint  Political  Declaration  of  Member  States  and  the 
Commission of 28 September 2011 on explanatory documents9, Member States have 
undertaken  to  accompany,  in  justified  cases,  the  notification  of  their  transposition 
measures  with  one  or  more  documents  explaining  the  relationship  between  the 
components  of  a  directive  and  the  corresponding  parts  of  national  transposition 
instruments. With regard to this Directive, the legislator considers the transmission of 
such documents to be justified. 

(20)  Directive 2006/112/EC should therefore be amended accordingly, 

9 

OJ C 369, 17.12.2011, p. 14. 

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HAS ADOPTED THIS DIRECTIVE: 

Article 1 

Directive 2006/112/EC is amended as follows: 

(1) 

In Article 25, the following points (d) and (e) are added:  

“(d)  the distribution of a multi-purpose voucher by a taxable person, other than the 
issuer of the voucher, where the voucher is supplied to him at a price below the 
nominal  value  by  the  issuer  of  the  voucher  or  from  another  taxable  person 
acting in his own name; 

(e) 

the redemption of a free discount voucher, where the taxable person supplying 
the goods or services to which the voucher relates receives consideration from 
the issuer.” 

(2) 

In Article 28 the following paragraph is added: 

“However, the first paragraph shall not apply where the taxable person takes part in 
the supply of a multi-purpose voucher.” 

(3) 

In Title IV “Taxable transactions”, the following Chapter 5 is inserted: 

“Chapter 5 

Provisions common to Chapters 1 and 3 

Article 30a 

“Voucher”  shall  mean  an  instrument  carrying  a  right  to  receive  a  supply  of 
1. 
goods or services, or to receive a price discount or rebate with regard to a supply of 
goods or services and where there is a corresponding obligation to fulfil this right. 

“Single-purpose voucher” shall mean a voucher carrying a right to receive a supply 
of  goods  or  services  where  the  supplier's  identity,  the  place  of  supply  and  the 
applicable VAT rate for these goods or services is known at the time of issue of the 
voucher. 

“Multi-purpose  voucher”  shall  mean  any  voucher,  other  than  a  discount  or  rebate 
voucher, which does not constitute a single-purpose voucher. 

“Discount voucher” shall mean a voucher carrying a right to receive a price discount 
or rebate with regard to a supply of goods or services. 

A  payment  service  within  the  meaning  of  Directive  2007/64/EC  shall  not  be 

2. 
regarded as a voucher. 

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Article 30b 

The supply of a voucher carrying a right to receive a supply of goods or services and 
the  subsequent  supply  of  these  goods  or  services  shall  be  regarded  as  a  single 
transaction. 

This  single  transaction  shall  be  treated  in  the  same  way  as  a  supply  of  goods  or 
services had the goods or services not been supplied through the use of a voucher. 

Where a voucher carries a right to receive a supply of goods or services to which the 
margin  scheme  for  travel  agents  applies,  the  supply  of  goods  or  services  shall  be 
treated for VAT in accordance with the rules of that scheme.” 

(4) 

Article 65 is replaced by the following: 

“Article 65 

Where a payment is to be made on account before the goods or services are supplied, 
including  payment  for  a  single-purpose  voucher,  VAT  shall  become  chargeable  on 
receipt of the payment and on the amount received.” 

(5) 

In Article 66, the second paragraph is replaced by the following: 

“The derogation provided for in the first paragraph shall not, however, apply where payments 
are  made  against  a  voucher,  or  to  supplies  of  services  in  respect  of  which  VAT  is 
payable by the customer pursuant to Article 196.” 

(6) 

The following Articles 74a, 74b and 74c are inserted: 

“Article 74a 

1 
The  taxable  amount  of  the  supply  of  goods  or  services  redeemed  against  a 
multi-purpose voucher shall be equal to the nominal value of that voucher, or in the 
case of partial redemption, to that part of the nominal value which corresponds to the 
partial redemption of that voucher, less the amount of VAT related to the goods or 
services redeemed. 

The nominal value of a multi-purpose voucher shall include everything which 
2 
constitutes consideration, including the VAT amount, obtained or to be obtained by 
the issuer of the voucher. 

Article 74b 

In  respect  of  the  supply  of  the  distribution  services  referred  to  in  point (d)  of 
Article 25, the taxable amount shall be equal to the difference between the nominal 
value of the voucher and the purchase price paid, less the amount of VAT related to 
the supplied distribution service. 

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Article 74c 

In  respect  of  the  supply  of  the  redemption  services  referred  to  in  point (e)  of 
Article 25,  the  taxable  amount  shall  be  equal  to  the  price  reduction  granted  to  the 
customer  and  reimbursed  by  the  issuer,  less  the  amount  of  VAT  related  to  the 
supplied redemption service.” 

(7) 

In Article 169, the following point (d) is added: 

“(d)  transactions relating to the payment of consideration by the issuer of a voucher 
to  the  taxable  person  supplying  the  goods  or  services  to  which  the  voucher 
relates in so far as the supplied goods or services give rise to deduction." 

(8) 

In Article 193, the following paragraph is added: 

“Where a single transaction as referred to in Article 30b consists in the supply of a 
multi-purpose  voucher  and  a  subsequent  supply  of  goods  or  services,  the  redeemer 
shall be regarded as having carried out the taxable supply.” 

(9) 

Article 272 is amended as follows: 

(a) 

point (b) of paragraph 1 is replaced by the following: 

“(b)  taxable persons carrying out none of the following transactions: 

(i) 

those referred to in Articles 20, 21, 22, 33, 36, 138 and 141; 

(ii) 

those  referred  to  in  Article 44  but  only  where  VAT  is  payable  by  the 
customer pursuant to Article 196;” 

(b) 

paragraph 2 is replaced by the following: 

If  Member  States  exercise  the  option  under  points (d)  or  (e)  of  the  first 
“2. 
subparagraph  of  paragraph 1,  they  shall  take  the  measures  necessary  to  ensure  the 
correct  application  of  the  transitional  arrangements  for  the  taxation  of  intra-
Community transactions.” 

Article 2 

1. 

Member  States  shall  adopt  and  publish,  by  1  January  2014  at  the  latest,  the  laws, 
regulations  and  administrative  provisions  necessary  to  comply  with  this  Directive. 
They shall forthwith communicate to the Commission the text of those provisions. 

They shall apply those provisions from 1 January 2015. 

When  Member  States  adopt  those  provisions,  they  shall  contain  a  reference  to  this 
Directive  or  be  accompanied  by  such  a  reference  on  the  occasion  of  their  official 
publication. Member States shall determine how such reference is to be made. 

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2. 

Member States shall communicate to the Commission the text of the main provisions 
of national law which they adopt in the field covered by this Directive. 

This Directive shall enter into force on the twentieth day following that of its publication in 
the Official Journal of the European Union. 

Article 3 

Article 4 

This Directive is addressed to the Member States. 

Done at Brussels,  

For the Council 
The President 

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