1Issue 3 | May 2026

What is a “Qualified Voucher”? Vouchers are physical or electronic documents that entitle the Customer to redeem/use them as consideration for goods or services from a Supplier or a group of Suppliers. A voucher is not considered a form of currency but can be exchanged and used as non-cash consideration (showing equivalent monetary value). Generally, a voucher has commercial value only due to the Supplier’s commitment to allow it to be redeemed for goods and services. For VAT purposes, a voucher is defined as: “A voucher constitutes a document if there is an obligation to accept it as consideration or part of the consideration for the supply of goods or services, and the nature of the goods or services to be supplied or the identity of the Supplier is specified on the voucher or related documents(31).” Vouchers meeting this definition are subject to special VAT rules. For the purposes of this Guideline, vouchers falling under this definition are considered “qualified vouchers.” Other commercial documents may be described as “promotional vouchers” but do not fall under the special VAT rules. These “non-qualified vouchers” are explained in detail in Section 8.1.4. 8.1.2. Nominal Value Vouchers Vouchers often include a monetary amount, allowing the amount to be used as consideration for one or multiple supplies. Vouchers with a monetary amount are referred to as “nominal value vouchers.” (31)  Article 19(3), Implementing Regulations 8.1.3. Issuance and Supply of a Voucher When a person issues a new voucher, whether for consideration or without consideration, this does not constitute a supply for VAT purposes(32). A voucher may be issued by the Supplier who will settle it, for example, a voucher issued by a retailer allowing redemption at any of the retailer’s stores, or by a third party, such as a shopping center management company issuing a voucher redeemable at any store in the center. The supply of an existing voucher is not considered a supply for VAT purposes unless the consideration payable for a nominal value voucher exceeds its nominal value. If the amount payable exceeds the nominal value, this constitutes a supply of services to the extent that the consideration exceeds the nominal value. For more information on the tax treatment of qualified vouchers, refer to the Guideline on Promotional Offers. 8.1.4. Treatment of Non-Qualified Vouchers “Non-qualified vouchers” are other commercial documents described as “vouchers” that do not meet the definition of a voucher for VAT purposes. Non-qualified vouchers are treated under the standard VAT rules. VAT is calculated on the consideration paid or payable (if any) for the issuance or provision of a non-qualified voucher as a supply of services. Upon redemption, the Supplier must account for VAT based on the total amount paid for the supply of goods or services. (32)  Article 3(19), Implementing Regulations 8.2. Loyalty Programs A loyalty program aims to encourage Customers to make additional purchases in the future. This can be achieved through discounts, free goods and services, other rewards, or exclusive benefits. There are various types of loyalty programs offered either directly by Suppliers of goods and services or through operators specializing in loyalty programs. The VAT treatment of any loyalty program depends on the individual circumstances and facts of each case. For more information on the VAT implications of loyalty programs and their application, refer to the VAT Bulletin on Loyalty Program Treatment.