The Canary Islands has increased its General Indirect Tax (IGIC) rates as part of its 2020 Budget (IGIC is similar to VAT). This includes an increase in the standard rate from 6.5% to 7.0% and an increase in the higher 13.5% rate to 15.0%. Further, the specific rate for telecommunications services is increased from 3% to 7% and the specific rate for electricity is increased from 0% to 3%, excep…