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A professional law firm has enquired whether it can deduct 100% of vehicle depreciation and VAT. The DGT ruled that depreciation is deductible provided it meets registration, accrual, and justification requirements, whereas VAT on passenger cars is subject to a 50% presumption of business use.
Question posed - Whether the company can deduct 100% of the vehicle depreciation and 100% of the VAT incurred in its acquisition.
In Corporate Income Tax, the depreciation of the vehicle is deductible if it is used in the professional activity, is necessary for its development, and complies with the requirements of accounting registration, accrual, and substantiation. Regarding VAT, passenger cars have a legal presumption of being used for business purposes of 50%. The private use of the vehicle by a shareholder must be assessed as benefits in kind at market value for Personal Income Tax purposes.
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