Singapore legislation
Regulation 93C
Regulation 93C
Redemption of voucher
Subregulation 1
Subject to regulation 93E, where a taxable person supplies goods or services upon the redemption of a voucher that is wholly redeemed on a single occasion, the value of the supply shall be —
where the consideration received by the issuer for the voucher was less than the value of the voucher, either of the following at the option of the taxable person:
the value of the voucher; or
the amount of the consideration; or
where the consideration received by the issuer for the voucher was equal to or more than the value of the voucher, the value of the voucher,plus any additional consideration the taxable person may have received (in addition to the voucher) for the supply.
Subregulation 2
Subject to regulation 93E, where a taxable person supplies goods or services upon the redemption of a voucher that is partially redeemed on more than one occasion, the value of the supply on each such occasion shall be —
where the consideration received by the issuer for the voucher was less than the value of the voucher, either of the following at the option of the taxable person:
the portion of the value of the voucher being redeemed on that occasion; or
the amount of that consideration that is proportional to the value of the voucher being redeemed on that occasion; or
where the consideration received by the issuer for the voucher was equal to or more than the value of the voucher, the portion of the value of the voucher being redeemed on that occasion,plus any additional consideration the taxable person may have received (in addition to the voucher) for the supply on that occasion.
Subregulation 3
This regulation shall not apply where a voucher is redeemed for another voucher.