Canary Islands VAT rates IGIC
The Canary Islands has announced increases in the rates of IGIC (the general indirect tax in the Canary islands) with effect from 1st July 2012.
The changes are:
- The reduced rate of 2% on the sale of certain houses is increased to 2.75% from 1st July to 31st December 2012 and to 3% from 1st January 2013.
- The general rate is increased from 5% to 7%.
- The increased rate of 9% will be raised to 9.5% and the increased rate of 13% is to be raised to 13.5%.
The zero rate and the super increased rate of 20% rate are unchanged.