Economic and Tax Regime (REF)
The Canary Islands' own economic and tax framework, recognised by the EU, designed to offset remoteness and insularity. It includes instruments such as the ZEC, the RIC and the IGIC.
The REF (Régimen Económico y Fiscal) is the umbrella framework that makes the Canary Islands fiscally distinct within the EU. It exists to compensate for the cost of being remote islands.
Under it sit the better-known instruments: the ZEC, the RIC reinvestment reserve, the IGIC indirect tax and the AIEM.