The owners of various properties located in Madrid may benefit from tax credits established by the City Council of the Spanish capital to mitigate the effects of the Covid crisis. In this way, up to 109,106 premises and buildings in Madrid, especially those located in the Central District, could qualify for a 25% discount on their Real Estate Tax (IBI) and Tax on Economic Activities (IAE).
On 3 June, the Plenary session of Madrid City Council approved these measures for the properties and activities of people affected by Covid-19. The deadline for requests is 29 June 2020. These discounts are intended for declared activities and properties of special interest; for example, in the case of the IBI, they will apply to owners of leisure and hospitality premises, as well as of commercial, entertainment and cultural venues.
Read the full article in Spanish.