On 20 April 2019, the provisions of European Union Directive 2016/1065 as regards the VAT treatment of value coupons were transposed into Romanian legislation.
The main legislative amendments include:
- Definition of “value coupons” (payment instruments known previously as “vouchers” under the Methodological Norms for the application of the Fiscal Code):
A value coupon is defined as a payment instrument which presupposes the obligation that it be accepted as full or partial payment for the supply of goods / provision of services and which requires the indication of the goods / services to be delivered / rendered or the identity of the intended suppliers / providers.
- Introduction of the concept of single-use value coupons and multiple-use value coupons:
A single-use value coupon is defined as a value coupon in respect of which the place of delivery of goods or the provision of services to which the coupon relates and the VAT due for those goods or services are known at the moment the value coupon is issued.
A multiple-use value coupon is defined as any value coupon that is not a single-use value coupon.
- Determination of the VAT treatment of value coupons depending on type of use (single or multiple):
The transfer of a single-use value coupon is classified as a supply of goods or provision of services, whereas the transfer of multiple-use value coupons falls outside the scope of VAT and is not classified as a delivery of goods / provision of services until the goods / services are actually dispatched / rendered.
Source: Law no. 60/2019 regarding the amendment and supplementation of Law no. 227/2015 on the Fiscal Code, published in the Official Gazette no. 296 on 17.04.2019.