European Union – Value added tax. The Court of Justice of the European Union ruled that art 13(B)(d) of Sixth Council Directive (EEC) 77/388 should be interpreted as meaning that the sale of a discount card, such as that at issue in the main proceedings, did not constitute a transaction in 'other securities' or concerning 'other negotiable instruments', within the meaning, respectively, of paragraphs 5 and 3 of that provision, which referred to certain transactions which the member states should exempt from VAT.