A decision that will impact businesses dealing with certain vouchers, especially in a B2B context. The judgment clarifies when a voucher qualifies as a single-purpose voucher (SPV) – which is taxable upon each (re)sale – and discusses the VAT consequences of the resale of a multi-purpose voucher (MPV) – which is taxable upon redemption. However, the judgment leaves some room for interpretation which may lead to differences in application between Member States and the need for further referrals to the CJEU in future. In the meantime, we recommend that all parties involved in the issue, resale or redemption of vouchers review the VAT treatment of their activities based on this ruling.