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Practical Handbook for Companies 2021

Deduction for investments in production and exhibition of live performing arts and musical shows

Regulation:Article 36.3 LIS

  • In order to apply the deduction for expenses incurred in the Canary Islands in the production and exhibition of live performing arts and musical shows, entities must comply with the general requirements established for these deductions in article 36.3 of the LIS.

  • The percentages of deduction established in Article 36.3 of the LIS will be increased according to the provisions of Article 94.1 a) of Law 20/1991, whereby the rate of 40 per cent will be applied.

  • The fourteenth additional provision of Law 19/1994 establishes, with effect for tax periods beginning on or after 1 January 2021, a specific limit for this deduction, indicating that its amount may not exceed the result of increasing by 80 per cent the maximum amount set out in Article 36.3 of the LIS, in the case of expenses incurred in the Canary Islands.Therefore, the maximum amount of this deduction will be 900,000 euros (500,000 euros x 1.8).