OTHER TAX INCENTIVES
Law 19/1994, from July 6, modifying the economic and fiscal regime of the Canary Islands contains a set of economic measures - the so-called economic REF - intended to directly compensate for remoteness and insularity. The measures currently included in the Law refer to the following areas: transport and telecommunications; energy and water; commercial promotion; tourism promotion and rehabilitation; employment creation; investment incentives and professional training. The REF includes the following tax incentives and peculiarities:
MANUFACTURING FIRMS
Corporate Tax and the Personal Income Tax (in direct estimation) taxpayers who are engaged in production in the Canary Islands through agricultural, livestock, industrial and fishing activities, including deep-sea fishing whenever they land in Canarian ports and is handled or transformed in the Canary Islands, can benefit from a 50% discount of the share corresponding to the income from the sale of tangible goods produced in the Canary Islands.
