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The Canary Islands REF increases by 20 percentage points the deductions of the Corporate Tax Law for audiovisual productions and by 80% the limits. Therefore, in the Canary Islands the incentive for foreign and Spanish productions goes from 30-25% to 50%-45% deduction and in some cases increases to 54% deduction on the first million euros. Both incentives have a limit of 36 million euros of refund for feature films and 18 million euros per chapter for series.
In addition, audiovisual works, except for advertising, which are made through production services, are eligible for 0% IGIC and no VAT.
in particular the hiring of unemployed people and those with the greatest difficulties in finding work.
The taxpayers of the Corporate Income Tax will apply a 50% rebate of the gross tax liability corresponding to the income derived from the sale of tangible goods produced in the Canary Islands by themselves, proper of agricultural, livestock, industrial and fishing activities, provided that, in the latter case, the deep-sea fishing is landed in the Canary Islands ports and is handled or transformed in the archipelago.
Persons or entities domiciled in the Canary Islands or in other territories that are engaged in the production of such goods in the archipelago, by means of a branch or permanent establishment, may benefit from this allowance.
Spain was one of the first countries to implement a mechanism to promote the sale or commercial exploitation of patents and any form of intangible asset.
The Society for the Economic Development of the Canary Islands is actively involved in the financing of viable and innovative business projects in Tenerife.
Encourages the development of new R+D activities by foreign capital companies that are already established or are planning to set up in Spain.
Beyond the aid and services of ICEX and Proexca, there are special deductions for entities domiciled in the Canary Islands that make investments in West African territories and that spend on promotion and advertising, launching products, opening and prospecting markets abroad, and attending fairs or events of a similar nature.
The Chamber of Commerce, Industry, Services and Navigation of Santa Cruz de Tenerife is a differential instrument when dealing from Tenerife with markets in Latin America and especially in Africa.