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 "text": "Non-transferable LER rewards designed for consumption can qualify as multi-purpose vouchers under the EU Voucher Directive, which defers VAT until redemption and postpones the tax liability.",
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  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
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