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V1115-18 30 April 2018 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
OTRO · reserva para inversiones en canarias

Supervision of a group of projects for the Canary Islands Investment Reserve may be requested

A financial institution enquired whether it could submit a single application for a global investment project or if it was required to submit one for each individual project. The Directorate General for Taxes (DGT) ruled that an application may refer to a group of projects, provided that the identification and description requirements are met.

The question raised

Whether the application referred to in Article 15 of Royal Decree 1758/2007 may refer to a global project, in which the investment criteria and strategy in which the financial entity will invest are specified, even without having those projects fully identified or defined, but which in any case would meet the requirements to be considered eligible investments to materialize the RIC; or, conversely, whether an application must be submitted to the Government of the Canary Islands for each of the projects that the financial entity is going to finance.

The DGT's ruling

The application provided for in Article 15 of Royal Decree 1758/2007 may refer to a set of projects. To this end, the persons carrying them out must be identified, the projects must be described, it must be justified that they meet the requirements to materialize the reserve, and their implementation period must be indicated.

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