Tax Alert: Specific VAT rules for value vouchers
21/03/23
March 21st, 2023
There are proposed amendments to the Law on Value Added Tax currently in Parliamentary procedure that introduce specific rules for VAT on value vouchers.
The new rules will mainly impact large retailers who redeem vouchers, businesses who supply vouchers and businesses that use vouchers as part of their business promotion schemes.
For VAT purposes, a value voucher (in physical or electronic form) is an instrument for which there is an obligation to accept as consideration or part consideration for a supply of goods or services, if:
the supply of goods or services is known, or
the potential supplier of goods or services, and the conditions of use of the value voucher are specified on the value voucher itself, or in related documentation.
The legal amendments distinguish two types of value voucher, single-purpose and multi-purpose vouchers, which are subject to different VAT treatment upon their transfer and redemption. For the single-purpose vouchers, VAT is calculated at the time the voucher is transferred, and not when it is redeemed for the actual goods or services. For the multi-purpose vouchers, the rules are the other way around.
These provisions will start to apply from the day of publication of the changes in the Official Gazette.
How can we help you?
PwC North Macedonia can help you with:
- Assistance and advice in relation to the new VAT rules for value vouchers.
- Comprehensive analysis of the company’s promotion schemes from a VAT perspective.
- Specialized training courses for employees on the changes in the VAT legislation.
For more details please refer to your usual contact within PwC or the persons indicated below:
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Miroslav Marchev
Partner, Tax and Legal Services
Mobile: +389 70 270 177
E-mail: miroslav.marchev@pwc.com
Eli Bocevska Grueska
Senior Tax Manager
Mob: + 389 72 307 510
E-mail: eli.bocevska.grueska@pwc.com
Ana Shajnoska Georgijevska
Senior Tax Manager
Mobile: + 389 72 307 509
E-mail: ana.shajnoska@pwc.com
