IGIC (Impuesto General Indirecto Canario)

This module extends the Spanish accounting localization so that businesses operating in the Canary Islands can use IGIC instead of standard Spanish VAT. When you install it, new chart-of-accounts templates become available: Común (2008) - Islas Canarias, Completo (2008) - Islas Canarias, PyMEs (2008) - Islas Canarias and Entidades sin ánimo de lucro (2008) - Islas Canarias. Each template sets the fiscal country to Spain, uses bank account prefix 572, cash prefix 570 and transfer prefix 57299, and defaults the sales tax to IGIC 7% and the purchase tax to IGIC 7% supported.

The module also loads IGIC tax groups covering rates of 0%, 1%, 3%, 5%, 7%, 9.5%, 15% and 20%, an exempt IGIC group, equivalence surcharge groups from 0% to 2%, and a retail trade group. It adds specific ledger accounts for IGIC, such as Public Treasury debtor/creditor for IGIC, IGIC supported and passed, and adjustment accounts for working capital and investment. These accounts and taxes are used when you create invoices, bills and other accounting entries, so the correct IGIC amounts are recorded automatically.

No new menus or buttons are added; the functionality appears through the standard Accounting configuration and chart installation screens. The module depends on the Spanish localization and reuses its common accounts, taxes, tax groups and fiscal positions.