Virginia Administrative Code
Title 23 - TAXATION
Agency 10 - DEPARTMENT OF TAXATION
Chapter 210 - RETAIL SALES AND USE TAX
Section 23VAC10-210-670 - Gift certificates
Universal Citation: 3 VA Admin Code 10-210-670
Current through Register Vol. 41, No. 3, September 23, 2024
The sale of a gift certificate is not taxable. When the owner of a gift certificate redeems it, in whole or in part, for tangible personal property, the transaction is a taxable sale. For example, if the owner of a gift certificate valued at $25 purchases a $15 pair of shoes, the tax on the $15 sale must be collected by the dealer and paid to the department. When the owner redeems the remaining $10 value of the certificate, the tax on the sale must be collected at that time by the dealer.
Statutory Authority
§ 58.1-203 of the Code of Virginia.
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