According to the court, the consumer has the power of disposal at the moment of receipt of the voucher. The transfer of the voucher constitutes the transfer of an independent right. The issuance of the voucher is a completed performance that must be regarded as an independent taxable event. This is because the advantage is transferred, so that the recipient of that right becomes a (potential immediate) consumer. That is why the voucher is not a gift voucher or security, as the operator has argued in the alternative.
Source: fiscount.nl
