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No IGIC Rise Despite IVA Increase

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Thankfully, the Canary Islands Government have confirmed that they have no plans to increase the IGIC tax levied in the islands despite the IVA increase announced by Spanish President, Mariano Rajoy during his speech in Congress.

The new rate of IGIC which is the VAT equivalent for the Canary Islands came into force on the 1st July with increases in the general rate from 5% to 7%. Businesses and consumers in the mainland will see an increase in IVA from 18% to 21%.

Javier González Ortiz the Minister for Economy and Finance in the Canary Islands was quick to point out that the local government have been heavily criticised about the local increase and the subsequent impact on tourism, he wonders what these “todos esos agoreros” (all these doomsayers) think now about the new increase imposed on the state.

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