The Canary Islands government announces budget of 10.1 billion for 2023

The governing council approved the 2023 budget for the Canary Islands yesterday (Monday), which amounts to 10.18 billion euros and represents an increase of 11.9% over 2022 and a 30% increase in the last four years.

The President of the Canaries, Ángel Victor Torres, said that "the budget highlights the stability of the government", and the Minister of Finance, Roman Rodríguez, explained that 7.5 billion will go to social spending, while investment rises by 30%.

Rodríguez highlighted the selective fiscal adjustments that the budget presents, which includes three proposals for tax deductions that will take effect from January 1^st.

Among these measures is a deduction, due to the rise in inflation, for those who earn less than 30,000 euros per year. In addition, there will be an increase in current tax deductions and the expansion of the first four bands of income tax to help more people.