Highlights of the General Canarian Budget 2019 – Effective 1st January 2019

1.       General IGIC has been lowered from 7% to 6,5%

2.       0,7% has been lowered to 0,65% for the importation of products subject to the general IGIC of 6,5%

3.       In 2018, the new regime REPEP began, which applied an exemption of IGIC for those businessmen or professionals that did not reach €30.000 turnover.  Those who have tactically waived the special regime have been given the month January 2019 to communicate to the Canarian Tax Agency, through the corresponding census declaration, the inclusion in the aforementioned special regime.

4.       Large family allowance will be €450 for the general category and €650 for the special category.  When a member of the family has a disability exceeding 65% the aforementioned allowances will be €1000  and €1100 euros respectively.

5.       Succession Tax – the 99,9% allowance can now be applied to those family members of up to a third degree of kinship.

 

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