SPAIN: Special Tax Regime for the 2007 America’s Cup

Valencia (Spain) has been appointed as the organizing venue for the XXXII America’s Cup in 2007.

The Spanish parliament has adopted special tax measures for the event. The main rules of the special regime concern:
– direct tax issues: various investment relie1ves, an exemption from corporate income tax, an allowance in connection with the calculation of the taxable base in the individuals? income tax, and an exception to the Spanish source rules in connection with the non-residents? income tax)
– indirect tax measures (including those relating to custom duties, value added tax, stamp duties and local taxes, the tax on certain means of transport and certain public license fees);
– human capital issues (including social security contributions and immigration issues).

More information can be found in a recent article in European Taxation, No. 7, July 2004 at 316 – 322, written bij Mr. Angel J. Ju?rez.