POSTED: February 21st 2013
NewsUpdate

Madrid 2020: Bid Consortium approves tax relief for corporate partners

Ana Botella, Mayor of Madrid , and Alejandro Blanco, President of Madrid 2020, during the meeting with the members of the Consortium / Madrid 2020
Ana Botella, Mayor of Madrid , and Alejandro Blanco, President of Madrid 2020, during the meeting with the members of the Consortium / Madrid 2020

CHAD WISE / Sports Features Communications

February 21 – The Madrid 2020 Bid Consortium, which began as a way to attract extra support for Madrid’s Olympic project leading up to the International Olympic Committee’s final decision on who will host the 2020 Summer Olympic and Paralympic Games in September, met for the first time Tuesday.

Chaired on a rotational basis by the mayor of Madrid and the president of the Spanish National Sports Council, the Consortium is also comprised of representatives from the Spanish Olympic Committee, the Spanish Treasury and Public Administration Department and the Madrid 2020 Bid.

The Financial Plan, the Consortium’s Activities Programme and the Brand Application Manual, which gives companies detailed information on the activities that can be carried out in conjunction with the “Madrid 2020” brand, were each approved during the meeting. The technical criteria pertaining to the tax relief applicable to each activity was also approved.

Companies supporting the project can take advantage of tax relief schemes through the end of 2013 after the Spanish government officially declared the Madrid bid “an event of exceptional public interest.” Tax relief can be as high as 15 percent of advertising costs, according to the limits set by the regulation.

When purchasing goods or rights designed to promote the event, corporate donors are eligible to receive tax credits of up to 95% on the Property Transfer Tax.

Several leading corporate partners of Madrid 2020 can now benefit from this new tax instrument in continuing to support the Spanish capital in its bid. The IOC’s decision in Buenos Aires in September will give one of Madrid, Istanbul and Tokyo the right to host the 2020 Olympic and Paralympic Games.


Keywords · Madrid 2020 · Ana Botella


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