The Canary Islands – The Canary Islands Special Zone (ZEC) had a working breakfast in Madrid to present its tax advantages for the renewable energy sector. During this monographic event, the members of the ZEC were accompanied by the representatives of the Spanish association of renewable energy companies: Lucía Dolera, and for wind power, Tomás Romagosa, as well as Adolfo Núñez, the director of the university Renewable Energy Masters’ degree.
This event, which was held in the Club Financiero Génova, welcomed around thirty companies of the sector interested in the details related to this incentive for businesses linked to clean energy and their operation from the Canary Islands.
The representatives of the ZEC explained the aspects linked to the procedures and requirements to create a company within the framework of this low taxation regime which is open to a wide range of subsectors such as: production, transport, manufacturing, commercialisation of electrical energy from renewable sources; manufacturing, marketing and intermediation of equipment; equipment installation and repair; engineering and technical consultancy; research and development (R&D); training and ITCs applied to the sector.
The Canaries are the perfect location for initiatives related to renewable energies, with the added value of having this incentive that offers not only legal certainty but also the most attractive taxation regime in Europe. It should be pointed out that one of the main advantages of this incentive is the Corporate Tax at 4% compared to 22% of the European average. Among the 611 companies that operate in the ZEC, according to the report of the year 2018, renewable energies are included in the dynamic business sectors with a representation similar to R&D&I, recycling and the chemical industry.