APM applauds “common sense” Canaries VAT cut
The cut in value-added tax (VAT) long campaigned for by the Spanish live music industry is finally a reality – but only in the Canary Islands.
Despite the ruling People’s Party promising in September to slash the much-criticised 21% of VAT rate nationwide, the Canaries – which already had a much lower tax of 7% – have beaten it to the punch, reducing VAT to 3% in a move welcomed by the country’s Association of Music Promoters (APM).
APM president Pascual Egea (pictured) tells Vozpópuli the tax cut is “great news” for the live sector. “At last, someone with common sense and who understands the importance of culture,” he comments.
“At last, someone with common sense and who understands the importance of culture”
“The increase in VAT to 21% has had a [negative] economic impact on our sector because it also came at the worst moment, in the midst of [the financial] crisis. In the first months our turnover fell by almost 30%, and four years later we have still not recovered“.
The Canary Islands are one of Spain’s 17 autonomous communities, located off the coast of southern Morocco.
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