The discounts offered by the IVAucher program will not be applied at the time of purchase but that amount will be deposited by banks into consumer accounts, according to a statement issued by the Ministry of Finance on Monday.
IVAucher, whose first phase runs from June 1 to Tuesday August 31, allows consumers to collect an amount corresponding to full VAT on purchases made in the accommodation, culture and restaurant sectors by requesting an invoice with a VAT number.
In September, the balance of each taxpayer who joined the program will be determined, and between October 1 and December 31, this amount may be deducted from the amounts payable in consumption carried out in the same group of sectors. In today’s statement, the Ministry of Finance has finally clarified how to treat discounts – subject to certain conditions, namely that the discount cannot exceed 50% of the consumption. Thus, the discount will not be instant. The consumer pays the entire purchase amount, after which, the bank credits the debit amount to his bank account.
Created to encourage consumption in sectors particularly affected by the impact of the pandemic, IVAucher recorded low participation in June, although the Ministry of Finance notes that “the data available for June indicates a significant increase in bills, the tax base, and the relevant value-added tax for the year 2020, as it reached levels close to the symmetric pre-pandemic period.” He notes that this is “a trend that is expected to increase in July and August.”
You’ll know July and August data in the coming weeks, Guardian adds, noting that the tax credits mean the obligation to report July bills has been shifted to August 31 instead of August 12 as previously.
“This solution allows merchants to integrate the IVAucher software while maintaining the usual electronic payment methods, while returning the IVAucher balance directly from banking institutions to the consumer bank account,” he explains.
However, “merchants still have the option to make IVAucher discounts available to customers through the system operator’s network (SaltPay): TPAs, the IVAucher app and billing software.” In other words, at establishments that have chosen to use the SaltPay Network, discounts will be applied immediately.
“Writer. Analyst. Avid travel maven. Devoted twitter guru. Unapologetic pop culture expert. General zombie enthusiast.”