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VAT practical manual 2022.

Deductions

The deduction regime will be governed by the provisions of the VAT Law for this special regime.

As a general rule, the incurred taxes are not deductible to the extent that the goods or services are used in the deliveries of investment gold exempt from tax.

Exceptionally, the following must be taken into account:

  1. The realization of exempt deliveries of investment gold, by businessmen or professionals, who have directly produced that gold or have obtained it through transformation, generates the right to deduct the quotas borne or satisfied by the acquisition or importation of goods or services linked to said production or transformation.

  2. The realization of exempt deliveries of investment gold by other entrepreneurs other than those contemplated in the previous section generates the right to deduct:

    1. The charges borne from the domestic or intra-Community acquisition of the gold when the supplier has waived the exemption.

    2. The fees borne or paid for the acquisition or import of such gold, when at the time of its acquisition or import it did not meet the requirements to be considered investment gold, having been transformed into investment gold by the person making the exempt delivery or on his or her behalf.

    3. The charges borne from services to change the shape, weight or fineness of the gold.