VAT doesn't deduct billions from prices

Spanish companies lose 1,000 million euros in non-deductible VAT every year, a good part of it due to travel abroad and extra expenses, according to estimates by specialist firm Lowendalmasaï. According to the Llei de l'Impost del Valor Afegit many companies could recover part of the tax if four years have not yet elapsed since the issuance of the non-deductible invoices or receipts.