SANTA CRUZ DE TENERIFE, June 1 (EUROPA PRESS) –
The Governing Council of the Canary Islands, at the proposal of the Ministry of Finance, Budgets and European Affairs, declared at its meeting on Thursday the suitability of issuing various financial instruments to materialize funds from the Reserve for Investments in the Canary Islands (RIC) for part of the companies Viola Teidea and Cardumen Capital in the rehabilitation of two hotels in Fuerteventura and Mogán, for just over one million euros.
The first of the companies is the one that has submitted the application and the one that has promoted the constitution of the second, which acts as a financial institution.
The projects to be carried out consist of the rehabilitation of the Corralejo Beach hotel, in Fuerteventura, for 1.27 million euros, and the Puerto de Mogán hotel, for 800,000 euros.
With this project, the Government has approved during the Legislature 17 of the 19 files of indirect materialization of the RIC, for an amount of 256 million euros.
The economic law of the REF establishes that the endowments of the RIC can materialize in the subscription of any financial instrument issued by financial entities provided that the funds raised are destined to finance private projects in the Canary Islands, whose investments are suitable in accordance with the regulated by the law itself, it being necessary that the emissions are supervised by the Government of the Canary Islands and have a binding report from the State Tax Administration Agency.
The economic law of the REF (Law 19/1994, of July 6, modifying the Economic and Fiscal Regime of the Canary Islands) provides that the endowments of the RIC can materialize in the subscription of any financial instrument issued by financial entities, provided that The funds raised are used to finance private projects in the Canary Islands, whose investments are suitable in accordance with the provisions of article 27.4.D.3º of the Law, it being necessary that the emissions are supervised by the Government of the Canary Islands and have a binding report from the State Tax Administration Agency (AEAT), includes a note from the Government.
Thus, the Ministry of Finance declares the suitability of the financial instrument to materialize the RIC, while the effective verification of the correctness of said materialization, mainly in relation to the investment to be financed, corresponds to the AEAT.
