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VAT on gift certificates?

Free transfer of a gift certificate, which in its essence is a document certifying the right of its holder to purchase from the person who issued the certificate, goods, works, services in an amount equal to the nominal value of this certificate, is not listed among transactions not subject to VAT (exempt from taxation). Therefore, an organization that donated to a third party a gift certificate previously purchased from the person who issued this certificate must charge VAT on such transfer.

Source: glavkniga.ru

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