- The Canary Islands have a unique tax system called IGIC, similar to Spain’s VAT
- IGIC has six different tax rates ranging from 0% to 20%
- Entities required to declare IGIC include SMEs, self-employed workers, and businesses in the Canary Islands
- Forms 420 and 415 are used for declaring IGIC
- Benefits of IGIC for businesses include lower tax rates, ZEC exemptions, reduced corporate tax rates, and incentives like RIC
Source: fiscal-requirements.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Spain"
- Gibraltar Introduces Transaction Tax and Duty Changes Ahead of EU Customs Union Implementation
- Spain Tightens VAT Refund Rules for Non-EU Businesses, Impacting U.S. and Other Foreign Claimants
- Conflict Report: Artificial Company Interposition for Input VAT Deduction in Exempt Teaching Activities
- Spanish Tax Authority Updates Modelo 303 VAT Return and Group Forms Effective February 2026
- AEAT Publishes Report on Artificial Company Use for VAT Deduction in Exempt Teaching Activities
