Canary Inslands-. Your audiovisual project for the Canary Islands, establishing a ZEC entity with a reduced 4% corporate income tax, operating from the Canary Islands offers considerable tax advantages due to its Economic and Fiscal Regime, allowing the ZEC regime combining attractive incentives with a 45-40% tax credit for investment in Spanish productions or coproductions, a 40% tax rebate for investment in foreign productions, 45% deduction on investment on R&D and technological innovation, and a type 0% IGIC (canarian VAT).