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Inviting a client to the Grand Prix or to a box at the Bernabéu: deductible for corporate income tax, not for VAT

Inviting a client to the Madrid Grand Prix or to a box at the Santiago Bernabéu is a deductible expense for Spanish corporate income tax, up to 1 per cent of net turnover, yet the input VAT cannot be deducted in any proportion. In a hospitality box, the ticket and the catering follow different rules.