VAT on Gift Certificates Exchanged for Goods or Services: Taxation Rules and Main Rate Application

• Sale and free supply of gift certificates that can be exchanged for goods/services are subject to VAT at the standard rate.
• The VAT base for such operations is determined by the contractual value, including all compensations related to the goods/services.
• The VAT base cannot be lower than the purchase price, usual price, or book value, depending on the type of goods/services.
• Certain exceptions apply for state-regulated prices, gas for households, and electricity market prices.
• Penalties, interest, and compensation for damages are not included in the VAT base.

Source: news.dtkt.ua

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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