On December 1, 2017 the UK Government opened a public consultation on transposing the EU Vouchers Directive (Council Directive (EU) 2016/1065) into UK law. The Directive amends the Principal VAT Directive (2006/112) and legislates for a common VAT treatment of vouchers across the EU. It applies to any vouchers issued on, or after, 1 January 2019. Although the new rules have been decided in principle, the UK Government invites businesses to assist in how these new rules can be written into UK law and to draw attention to any issues the new rules present and whether greater clarity is required in some areas.
Interested parties have until February 23, 2018 to provide input for this consultation.
The UK Government has released a consultation document in this respect. A.o. the following topics are discussed in this consultation document:
· When VAT is due on vouchers
o Key concepts
o Definition of a voucher
o Single Purpose Vouchers - SPVs
o Multi-Purpose Vouchers - MPVs
o Treatment of intermediaries
o Part payments and part use
o Vouchers and retail schemes
o Summary of changes
· Changes to UK legislation
· Assessments of impacts
· Summary of Consultation Questions
· The Consultation Process
Click here to be forwarded to the Consultation document “VAT and Vouchers” as released by the UK Government on December 1, 2017.
Copyright – internationaltaxplaza.info