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.