## [The cases in which the Reserve for Investments in the Canary Islands can be used are extended](/en_GB/new/cases-which-reserve-investments-canary-islands-can-be-used-are-extended)
# The cases in which the Reserve for Investments in the Canary Islands can be used are extended
Spain - 12 / 22 / 2024
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**In particular, the reserve may be used for investment in the renovation of social housing.**
[Law 7/2024 of 20 December ](https://www.boe.es/boe/dias/2024/12/21/pdfs/BOE-A-2024-26694.pdf)(published in the Spanish Official State Gazette of 21 December) contains numerous tax innovations, such as the introduction of the new Complementary Tax that guarantees an overall minimum level of taxation for multinational groups and large national groups ([**see here**](https://www.garrigues.com/en_GB/new/pillar-2-spain-global-minimum-tax-large-groups-approved)); and other novelties such as (i) the creation of the Tax on the margin of interest and commissions of certain financial institutions and the Tax on liquids for electronic cigarettes and other tobacco-related products, (ii) the repeal of the temporary energy tax, or (iii) the modification of the Corporate Income Tax and Personal Income Tax or VAT regulations in relation to various aspects of interest, including an exemption in Personal Income Tax and Inheritance and Gift Tax for donations to employees affected by the DANA ([**see here**](https://www.garrigues.com/en_GB/new/spain-limitation-offsetting-tax-losses-and-use-double-taxation-credits-large-companies-again)).
Among other measures, a significant novelty has been introduced in the Reserve for Investments in the Canary Islands (**RIC**) regime, by means of an amendment to Law 19/1994, of 6 July 1994, on the Modification of the Economic and Fiscal Regime of the Canary Islands.
Specifically, it is made possible for the RIC to be used for the refurbishment of subsidized housing (classified as such in accordance with the provisions of Law 2/2003, of 30 January, on Canary Islands Housing) to be rented to people registered in the Public Register of Applicants for Subsidized Housing in the Canary Islands, including in the value of the investment that corresponds to the value of the land. To date, only investment in the development of subsidized housing (in accordance with the provisions of Decree 27/2006, of 7 March, which regulates the actions of the Canary Islands Housing Plan) intended for rental by the developer was contemplated.
Finally, the possibility of using the RIC for investment in free housing that is not classified as protected has not been extended (as foreseen in a compromise amendment introduced in the Senate during the parliamentary processing of the law).
[Tax](/en_GB/tags/tax), [Canary Islands](/en_GB/tags/canary-islands), [Spain](/en_GB/tags/spain)
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