SANTA CRUZ DE TENERIFE, December 19. (EUROPA PRESS) –
The Parliament of the Canary Islands has agreed this Tuesday to approve the mandatory, but non-binding, report on the legal modifications proposed by the Government of Spain in relation to the new validity without time limit of the Canary Islands Special Zone (ZEC) and the anticipated investments of the Reserve for Investments in the Canary Islands.
This complies with the provisions of the third additional provision of the Constitution and article 46.3 of the Statute of Autonomy of the Canary Islands regarding any modification of the Economic and Fiscal Regime of the Canary Islands, according to a note from the Ministry of Finance.
The proposed legislative modifications are an adaptation of Spanish legislation to the provisions of the EU General Block Exemption Regulation, in force since 2014, which reduces administrative obstacles to the state aid regime.
In this way, the new wording will allow it to have an unlimited validity and not be subject to extensions every six years, as was the case now.
The Minister of Finance and Relations with the European Union, Matilde Asián, values these modifications as very positive as they provide greater legal certainty to the investor who will be able to plan for the longer term.
Thus, it is expected that the measure will have a favorable impact on attracting investment, help diversify the Canary Islands economy and create more and higher quality jobs.
