The budget for the Canary Islands in 2024 is set to surpass 11 billion euros

President of the Canary Islands Fernando Clavijo emphasizes that these budgets will have a "social" focus, including tax reductions and addressing the issue of "unequal income distribution" in a cautious manner.

Fernando Clavijo held a working meeting in Santa Cruz de Tenerife to discuss the key actions outlined in the draft bill for the Canary Islands‘ general budget for 2024 with the President’s Advisory Council members. During this gathering, the head of the Executive emphasized that the draft bill reflects the “social commitment” of the public accounts and praised the consensus achieved with prominent business organizations and labor unions. The budget will surpass 11 billion euros and will feature a reduction in taxes while addressing issues related to income inequality.

Following discussions with employer associations, CC.OO., and UGT representatives, as well as meetings with the mayors of Las Palmas de Gran Canaria and Santa Cruz de Tenerife, Fernando Clavijo revealed that the budgets will prioritize social expenditures, particularly in the areas of healthcare, education, and social services, based on “real executed budgets.” He affirmed the government’s commitment to exercising fiscal discipline and rigor in determining actual expenditures.

The budget for the Canary Islands in 2024 is set to surpass 11 billion euros.

Furthermore, these budgets will incorporate a tax reduction in personal income tax (including the donations tax) and the IGIC (General Indirect Canary Islands Tax). However, he acknowledged that the reduction in IGIC would not align with the previously announced general reduction due to the economic and political context, with a central government in office, and the imperative to ensure essential services. These factors have led to a cautious approach in crafting the first budgets of the legislative period.

Manuel Domínguez, the Vice-President and Minister of Economy, Industry, Trade, and the Self-Employed, emphasized the high level of commitment demonstrated by representatives from business and labor organizations. Despite the challenges faced during the rapid preparation of the 2024 budgets, the government has appreciated the willingness to engage in dialogue expressed by members of the Advisory Council. The budget project is set to be approved soon.

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