9.8 Can transactions regarding vouchers be VAT exempt?

In this Section I explain, after a brief introduction, why, in my view, transactions regarding vouchers are not VAT exempt, and therefore subject to VAT at the general rate, unless the transaction is outside the scope of VAT.1 In this Section, when I say ‘transactions regarding vouchers’ I mean transactions that are actually aimed at issuing, distributing and other services related to the actual vouchers and not regarding the ‘underlying transactions’. ‘Transactions regarding vouchers’ also excludes services performed by parties involved in a voucher chain but aimed at a specific financial transaction such as transferring money from a voucher to the account of a supplier.