Santa Cruz de Tenerife, 6 Mar. (Europa Press) –
The Vice President of the Government of the Canary Islands and Minister of Economy, Industry, Commerce and Autonomous, Manuel Domínguez, announced on Thursday in a Parliamentary Commission discussions regarding fiscal deductions for the implementation of activities that are barely established in the islands.
In reply to an inquiry from the Socialist Parliamentary Group, the minister indicated that a proposal is currently being formulated by the REF commissioner to introduce a special regime for the activities that are sparsely developed in the Canary Islands, as stated in a note from the Ministry.
Furthermore, options that are “under consideration” include reductions in Corporation Tax, a 90% discount on the business quota, the deduction of 50% on personal income tax for highly qualified workers aimed at attracting talent, expedited bureaucracy, and exemption from IGIC.
“The focus is on identifying the optimal strategy, and we hope to have a comprehensive list ready this year to commence implementation in 2026,” he elaborated.
The minister reiterated the government’s aim to draw sectors such as renewable energy, gaming, new technologies, and the music industry to the islands, with the objective of diversifying the economy of the Canary Islands and fostering more competitive and productive enterprises.
“I am a firm advocate of reducing taxes to lure investment into the Canary Islands, thereby promoting economic growth, diversifying the economy, and generating jobs,” he affirmed.
The Vice President has also committed to “enhancing salaries, the purchasing power of residents, and working conditions,” since, as he emphasised in the note, “these improvements will lead to a better quality of life for the residents of the Canary Islands,” although he stressed that these advancements must be “associated with productivity.”
