WebMay 11, 2016 · Another advantage for the ZEC entities involves the Canary Islands General Indirect Tax (IGIC as per the Spanish acronym). This taxis similar in nature to VAT, although there are major differences such as the lower tax rates (7% in general terms). WebThe Canary Islands Budget 2024 is effective from 1 January 2024. Here is a list of changes that took place in the 2024 budget IGIC (Canary Islands General Indirect Tax) The general tax rate has been increased from 6.5 % to 7 %. The increased rate has been raised to 13.5 % to 15 %. The reduced tax rate of 3 % for telecommunication services is ...
Spain - Corporate - Tax credits and incentives - PwC
WebFeb 1, 2024 · In the Canary Islands, a specific tax is applied instead of VAT, called the Canary Island General Indirect Tax (IGIC). The ordinary IGIC rate is 7%, and the other IGIC rates are 0%, 3%, 9.5%, and 15% (20% for tobacco). IGIC is similar to VAT, with … WebJan 30, 2024 · Canary Islands have a special treatment regarding VAT because they are seen as islands far from Europe, so it has been decided that in this region VAT will not be applied.Instead the local tax is called IGIC (Impuesto General Indirecto Canario) and deals with the following products:. 0% on water, sanitary products, newspapers, some basic … incc message board ihub
Canary Island General Indirect Tax (IGIC) and other tax
WebYou want to know how to implement "implicit IGIC" included in product prices recevied in transactions from retailers ("comerciantes minoristas") that are IGIC exempt according to Article 11 of Real Decree 2538/1994. Special taxes procedures are defined by law for Spanish Companies located in Canary Islands. WebThe equivalent to VAT in the Canary Islands is the well-known IGIC or Canary Island General Indirect Tax, generally charged at a lower rate. In the case of IGIC, the general … Web4% Corporate Tax (ZEC Framework) Tenerife counts with a low tax regime namely the “Zona Especial Canaria” (ZEC – Canary Islands Special Zone). This fiscal incentive…. 50-45% Tax Rebate for Foreign Productions. Producers with tax residence in the Canary Islands that are in charge of a foreign film production are entitled to a 50-45% tax ... inclusivity cipd