New plan for
the tourism sector

PLAN FOR THE MODERNIZATION AND COMPETITIVENESS OF THE TOURISM SECTOR

The Minister of Industry, Trade and Tourism, Reyes Maroto, presented the Modernization and Competitiveness Plan for the tourism sector, which will involve a public investment of 3,400 million euros over the next three years and will form part of the Recovery, Transformation and Resilience Plan, which will have an estimated impact on tourism of 44,000 million euros.

The Plan’s priority is to maintain Spain’s leadership in tourism competitiveness while helping to revive the sector. It has five strategic areas of action:

  • Transformation of the tourism model towards sustainability, the main intervention being the Tourism Sustainability Plans in Destinations Program.
  • Development of tourism products and modernization of the tourism ecosystem through the creation and development of tourism products.
  • A firm commitment to digitalization and tourism intelligence with the aim of increasing levels of productivity, profitability, employment and competitiveness.
  • Tourism resilience strategies for extra-peninsular territories, promoting the necessary transformations to ensure the sustainable development of tourism in the destinations.
    Special actions in the area of competitiveness.

“We must take advantage of the crisis caused by the pandemic as an opportunity to accelerate the transformation of the tourism model by incorporating digitalization and sustainability in its triple dimension: environmental, socioeconomic and territorial,” stressed the minister.

A process of active participation with all public and private stakeholders in the tourism sector is initiated to identify the driving force projects that guarantee the greatest impact of the plan in terms of wealth and employment generation.

Among the financing measures included in the block for the promotion of competitiveness, the following stand out:

  • Line of financing for projects for the digitalization, innovation and internationalization of the tourism sector and tourism sustainability plans, among other measures, with a loan line of 216 million (2020-2021).
  • Program for sustainability plans for mature tourist destinations and tourist destinations in rural inland areas. Endowed with 53 million to prepare them to face the fall in demand (2020-2022).
  • Reinforcement of the network of Smart Tourist Destinations through Red.es with a budget of 75 million euros (2020-2023).

We take advantage of this space to include information regarding other Plans launched by the Government:

  • Shock Plan for Science and Innovation
  • Plan to boost the Automotive Industry.

Reduce the tax burden of your real estate

In addition to this plan aimed at relaunching tourism, at Euro-Funding we believe that another option to help the tourism sector is through the optimization of the taxation that affects the real estate where the activity is developed. Our Real Estate Taxation team carries out, among others, audits of the Economic Activities Tax (IAE) and regularizes the coordination of the physical reality with the cadastral and registry reality (mandatory assumptions in certain procedures of the Mortgage Law).

The tourist destination is included in the cadastral regulations within the main use “Leisure and Hospitality” and includes a variety of properties such as hotels, hostels, aparthotels and bungalows.

The cadastral value constitutes the taxable base for numerous taxes such as the Real Estate Tax (IBI), the municipal tax on the Increase in the Value of Urban Land (IIVTNU – better known as “plusvalía”), the Wealth Tax, the Tax on Inheritance and Donations and the Tax on Patrimonial Transmissions and Documented Legal Acts.

By optimizing the cadastral value a great saving is achieved in the profit and loss account. From Fiscalidad Inmobiliaria we manage all types of aid from the Tax Ordinances that are approved by each of the municipalities in their local taxes.

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