Law no. 60/2019 has been published, amending and completing Law no. 227/2015 on the Fiscal Code transposing Council Directive (EU) 2016/1065 dated 27 June 2016 amending Directive 2006/112/EC as regards the VAT treatment applicable to vouchers.
European Union Member States should have transposed the EU provisions regardng the VAT treatment applicable to transactions with vouchers into their national legislation by 1 January 2019.
Law no. 60/2019 brings the following clarifications regarding the VAT treatment applicable to operations involving the use of vouchers:
1. The term "voucher" used in the national VAT legislation will be replaced by the term "value coupon" (i.e. in Romanian language “cupon valoric”).
2. The vouchers are defined as instruments that require the acceptance of the partial / full price for deliveries of goods / services and which indicate either in their content or in the related documentation the goods / services to be delivered / provided or the identity of the potential suppliers / providers.
3. There are two types of vouchers:
4. The VAT implications of the transaction with vouchers.
4.1 Single purpose vouchers:
4.2 Multi-purpose vouchers:
Law no. 60/2019 provides that these clarifications will only be applicable to the vouchers issued after the law enters into force, i.e. as of 20 April 2019.
In light of the above, we expect that Government Decision no. 1/2016 approving the Methodological Norms for the application of Law no. 227/2015 of the Fiscal Code to be amended in order to align with the new VAT provisions applicable to transactions with vouchers.
Law no. 60/2019 clarifies the VAT treatment applicable to vouchers issued after the law enters into force, i.e. as of 20 April 2019. We recommend that all companies which issue, market, intermediate and / or receive vouchers as payment, analyse these transactions, whether local or cross-border, to identify potential VAT implications (e.g. the place of taxation, taxable base, VAT chargeability, VAT deduction right).
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Partner, Tax Services, Romania
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