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V2486-25 ·15 December 2025 ·consulta-vinculante Medium impact
Tax

Bond value for Madrid tourism not deemed a subsidy for travel agencies

A travel agency asks whether the 50% discount offered via Madrid Community bonds constitutes a subsidy for it or for the customer. The DGT determines that the actual beneficiary is the consumer, and the agency acts as a distributor.

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2025-12-15PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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