The Ministry of Finance plans to renew the VAT Act in order to implement the EU directive on freight vouchers.
Currently, the Member States of the European Union apply very different and divergent tax rules on vouchers that can be exchanged for goods or services.
According to the Ministry of Finance, ‘The expected effect is to simplify, modernise and harmonise the VAT rules applicable to vouchers for goods or services’
There are many types of vouchers in the market. Some of them may be exchanged for a specific product or service and others may be vouchers of different uses.
EU authorities have recognised the need to simplify and harmonise tax rules in this area. For this reason, Member States were obliged to adopt appropriate regulations in this respect.
The bill is intended to define concepts such as voucher, voucher one the destination and the voucher of different destinations. The key issue is the distinction between vouchers one the use of vouchers for different purposes and the determination of tax rules separately for each of these categories.
According to the Ministry of Finance, ‘The expected effect is to simplify, modernise and harmonise the VAT rules applicable to vouchers for goods or services.’