Regulation 93F
Supply of vouchers by intermediary
of Goods and Services Tax (General) Regulations 1993
Subregulation 1
This regulation applies to a person (called in this regulation an intermediary) who —
buys a voucher issued by a supplier of goods and services from any person (including the supplier) and thereafter supplies the voucher —
against consideration given to the intermediary other than in the form of another voucher issued by the intermediary; or
upon the redemption of another voucher issued by the intermediary; or
supplies a voucher issued by the intermediary (called in this regulation the firstmentioned voucher) upon the redemption of another voucher also issued by the intermediary (called in this regulation the second‑mentioned voucher), where —
the firstmentioned voucher entitles the holder thereof to the same rights and benefits from a supplier of goods and services as those which the holder would be entitled to if the firstmentioned voucher were issued by that supplier; and
the intermediary has an arrangement with the supplier to pay the supplier an agreed amount for the goods or services (including a voucher issued by the supplier mentioned in sub‑paragraph (i)) supplied upon the redemption of the firstmentioned voucher.
Subregulation 2
Where vouchers are supplied by an intermediary in any prescribed accounting period in the circumstances referred to in paragraph (1)(a) or (b), tax is chargeable on the supply of the vouchers as follows:
in respect of paragraph (1)(a), tax is chargeable at the rate specified in section 16 of the Act on the supplies made by the intermediary of the vouchers issued by the supplier as follows:
the time of the supply is to be the end of the accounting period in which the supplies are made; (ii)the value of the supplies is to be an amount equal to the excess of A – B,where Ais the consideration from the supplies of the vouchers made by the intermediary in that accounting period; andBis the cost to the intermediary of all such vouchers; (b)in respect of paragraph (1)(b), tax is chargeable at the rate specified in section 16 of the Act on the supplies made by the intermediary of the firstmentioned vouchers as follows:
the time of the supply is to be the end of the accounting period in which the firstmentioned vouchers are redeemed; (ii)the value of the supplies is to be an amount equal to the excess of A – B,where Ais the consideration from the supplies of the firstmentioned vouchers made by the intermediary in that accounting period; andBis the agreed amounts payable by the intermediary to the supplier for the goods and services (including a voucher issued by the supplier mentioned in sub‑paragraph (i)) supplied by the supplier upon the redemption of such firstmentioned vouchers.
Subregulation 3
For the purposes of paragraph (2), where there is no excess under paragraph (2)(a)(ii) or (b)(ii) in respect of an accounting period or in respect of a supply of a voucher, the tax is not to be charged in respect of that accounting period or supply, as the case may be.
Subregulation 4
In the circumstances referred to in paragraph (2)(b), where the whole of a firstmentioned voucher supplied by the intermediary can no longer be redeemed, tax is chargeable on the supply made by the intermediary of the firstmentioned voucher as follows:
the time of the supply is to be when —
the firstmentioned voucher can no longer be redeemed; and
the intermediary accounts for the unredeemed value of the firstmentioned voucher in the intermediary’s statement of income; (b)the value of the supply is to be the value of the firstmentioned voucher so accounted for in the intermediary’s statement of income.
Subregulation 5
An intermediary is not entitled to claim as input tax —
in the circumstances referred to in paragraph (1)(a), the tax chargeable on any previous supply of any voucher to the intermediary which the intermediary subsequently supplies to another person for any consideration; and
in the circumstances referred to in paragraph (1)(b), the tax chargeable on the supply of goods and services to which the payment referred to in sub‑paragraph (ii) of that paragraph relates.