The Canary Islands regional government approved the draft budget for the Autonomous Community for 2023. The plan totals 10,180 million euros, representing an increase of 11.9% over the current year. Social spending is planned to rise by 9.46%, and the overall financial package reflects a commitment to targeted investments and prudent fiscal management. The budget projections presented by the President of the Canary Islands, Angel Victor Torres, and the Undersecretary of Treasury and Vice President, Román Rodríguez, consider selective and ad hoc tax adjustments designed to benefit roughly 85% of the 954,000 taxpayers on the islands. Across the board, taxpayers are expected to save an average of 105 euros, while the reforms will add an estimated 100 million euros to regional coffers. The regulation translates into higher current deductions and an extension of the first four regional divisions of the personal income tax (IRPF), with retroactive effect from January 1, 2022, and will be incorporated into the next rental campaign. [Source: Canary Islands Government]
