Canary Islands tax revenues show a clear upward trend driven by the performance of the General Indirect Canary Tax (IGIC). Based on the latest series of net collection figures for taxes that are both own and transferred to the region as of May 2026, overall income reached €65.53 million in the latest cut of data, consolidating a 199.95% increase compared with the lowest-activity periods of the year. The acceleration reflects the momentum of island consumption and the gradual adjustment of tax refunds.
IGIC as the main driver
The IGIC is the leading engine behind this fiscal expansion, posting €157.42 million in net collection, which represents a 329.13% increase compared with the lows of the previous cycle. The indirect tax is moving past the negative balances recorded in earlier stages—when it reached -€48.15 million due to the settlement of accumulated adjustments and refunds—before entering an upward path from €48.62 million and €81.32 million recorded in intermediate segments.
IGIC on Domestic Transactions
The IGIC on Domestic Transactions stands out for its strong capacity to drive economic activity. This tax stream contributed €128.11 million to the overall balance, with growth of 335.20%. The figure contrasts with phases of contraction in domestic consumption, when the net balance for the domestic modality fell into negative territory (-€52.64 million) before beginning a step-by-step recovery—from €28.99 million to surpassing the €75.46 million threshold in the preceding segment.
IGIC on Imports
Meanwhile, IGIC on Imports continues to provide a steady contribution to regional coffers, ending at €35.45 million, which amounts to an increment rate of 137.59% compared with periods of lower commercial intensity. After hitting floor values of €400,339 and €3.64 million, collections from the entry of goods and products from abroad rose progressively to €12.27 million, €26.80 million, and €38.69 million in the prior measurements.
Refunds and their final adjustment
The balance of tax refunds registered a final adjustment of €6.13 million, easing pressure on net revenues for the tax administration. This volume of refunds represents a moderation of -5.61% after surpassing periods of high reimbursement to taxpayers, when amounts exceeded €14.75 million and reached peaks of €46.33 million in earlier phases of tax regularisation.
The entry Imports: IGIC revenue accelerates its recovery with a 329% surge was first published on canarymaritime.com.
