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A professional in Canary Islands asks whether buying an office can count towards the Canary Islands Investment Reserve (RIC). The DGT responds that the office may qualify as initial investment or used real estate, provided it has not previously benefited from the RIC and the land value is excluded.
Question posed 1) Regarding the realization of the RIC for the building portion (discounting the value of the land), whether the acquisition of the office can be considered an initial investment or, if it is not an initial investment, whether it is understood as an investment under letters C and D of Article 27.4 of Law 19/1994.
If the taxpayer meets the conditions of a small-scale entity, the acquisition of an office (whether new or used) is considered an initial investment under letter A. In the case of a used property that does not meet the conditions for initial investment, the fixed assets (excluding land) are eligible to realize the RIC according to letters C and D. However, the value of the land may not realize the reserve as the requirement of allocation provided for in the regulations is not met.
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