When a gift card can be used for both VAT-liable and VAT-exempt goods, it is called a multi-purpose gift card. According to the VAT Act, VAT must first be calculated and accounted for when the gift card is used. This is because only then is it known whether the gift card is used for goods with or without VAT.
VAT must not be accounted for when the gift card is sold.
VAT is only accounted for when the gift card is redeemed and used to purchase goods.
This ensures correct VAT treatment, even when some goods (e.g. books from 1 July 2026) are VAT-exempt, while others are still subject to VAT.
The gift card must be VAT-free.
Find the product with product number “giftcard” and set VAT to 0%.
The gift card account in any accounting system, e.g. e-conomic, must be set up without VAT/VAT code if there is an integration.
When a gift card is redeemed and used, VAT is handled automatically, as it is settled through the products purchased, which may be subject to VAT or VAT-free.
VAT-liable products, with VAT in our system, are settled with VAT. Make sure to set any account in the accounting system to the correct output VAT code, typically U25.
Products without VAT in our system are settled without VAT. Make sure to set any account in the accounting system to the correct VAT-free account, typically with no VAT code.
The same allocation, process, etc. applies to any used products. See the separate general guide on used products, if applicable.
No VAT is charged when selling gift cards
VAT is only calculated upon redemption, through goods
The VAT depends on the goods the gift card is used for
Gift cards already issued before the VAT changes will be redeemed as above, but sales VAT will already have been settled at the time of issue.
