Canary Islands Special Zone (ZEC): advice
tax in Tenerife
The Canary Islands Special Zone is a low-tax area that aims to promote the economic and social development of the Archipelago and diversify its economic structure, so it is open to companies that operate only in certain non-mature sectors in the Islands, and that are authorized and registered in a special registry.
It provides for tax advantages in the form of:
– Reduction of the corporate tax rate.
– Tax exemption on dividends and interest paid.
– Some exemptions in the Tax on Patrimonial Transmissions and Documented Legal Acts (ITPAJD).
– Some exemptions in the Canary Islands General Indirect Tax (IGIC).
In general, all those entities and branches that intend to develop an industrial, commercial or service activity, framed within a list of permitted activities, can be installed in the ZEC.
In addition, within the limits of the Community legislation on the accumulation of aid and under certain conditions, the tax advantages of the ZEC are compatible with other tax incentives of the REF such as the Investment Reserve, the Investment Deduction and the Free Zones.
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