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Form 100. Personal Income Tax Return Declaration 2017

8.7.8. Deduction for income derived from the production of tangible assets in the Canary Islands

Income derived from the sale of tangible assets produced in the Canary Islands by the taxpayer himself enjoys a 50% tax relief on the corresponding rate.

REQUIREMENTS

  • That the income is derived from the sale of tangible assets produced in the Canary Islands by the taxpayer himself.

  • Whether it is agricultural, livestock, industrial or fishing activities. As for deep-sea fishing, to benefit from this bonus, it is necessary that it be landed in Canary ports and handled or transformed in the archipelago.

  • That the taxpayers are domiciled in the Canary Islands. If they are domiciled in other territories, they must be dedicated to the production or transformation of the aforementioned goods in the Canary Islands through a branch or permanent establishment.

  • That they determine their returns under a direct estimation system.

  • That the net returns eligible for bonuses are positive.

COMPLETION

In box 0527 of section "M. "Calculation of tax and result of the declaration" a data capture window will open and the net (reduced) income derived from the indicated production activities will be recorded.

The program will then break down the state and regional portions of the deduction.

Information about calculations

For information purposes only, the data capture window shows the result calculated by the program for the full quota portion that proportionally corresponds to the income derived from the sale of tangible assets produced in the Canary Islands, both in the joint declaration and in the individual declarations of the declarant and the spouse.