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Diario PYME

Canary Islands Approves Fiscal Measures and Direct Aid to Mitigate Crisis Impact

The Government of the Canary Islands has implemented a decree-law with an estimated cost of 29.8 million euros to support productive sectors.

Generic image of hands exchanging coins over documents, symbolizing economic measures.
IA

Generic image of hands exchanging coins over documents, symbolizing economic measures.

The Government of the Canary Islands has approved a decree-law introducing a set of fiscal, economic, and direct support measures to mitigate the effects of the international crisis stemming from the conflict in the Middle East.

The regulation, which will take effect after its publication in the Official Gazette of the Canary Islands (BOC) and must be ratified by the Parliament of the Canary Islands, aims to adapt state provisions to the archipelago's unique fiscal system. This package of actions responds to the need to strengthen the socioeconomic shield in an outermost region, particularly vulnerable to global economic fluctuations.
The initial cost of these measures is estimated at 29.8 million euros, a figure that could rise to 60 million annually if the crisis prolongs. The justification for this decree-law lies in the immediate impact of the conflict on energy prices, fuels, transport, and basic goods, severely affecting key sectors such as transport, tourism, the primary sector, and industry.
Among the prominent actions, the temporary application of a zero IGIC rate to energy products, including petroleum derivatives, gas, biomass, and firewood, has been established. This measure, with an estimated annual cost of 14.1 million euros, seeks to contain price increases and reduce the economic burden on families and businesses. Additionally, the refund of the Special Tax on fuels for farmers and transporters will be increased to 99%, representing an annual cost of 19.4 million euros.
To support families, the decree expands the list of basic products with zero IGIC, now including salt, butter, and coffee, with an estimated economic impact of 3.2 million euros annually. For self-employed individuals, the regulation raises the annual turnover limit to 50,000 euros to qualify for the special regime for small businesses under IGIC, reducing fiscal and administrative burdens, with an estimated cost of 12.5 million euros for the current year.
Finally, an extraordinary allocation of 7.2 million euros is provided to support the Canary Islands' industrial and primary sectors, compensating for increased energy and production costs. The Government of the Canary Islands emphasizes that this decree-law allows for an immediate response tailored to the archipelago's specificities, ensuring the effectiveness of support measures in a context of significant global uncertainty.

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