Madeira May Be Close To EU Approval
The long-running saga of the EU v Madeira's International Business Centre,
in which Competition Commissioner Mario Monti has been examining Madeira's tax
incentives for possible infringement of the EU's State Aid rules, may be drawing
to a close. Portugal attempted to placate the EU by introducing revisions to Madeira's
tax regime in 2000, which are still under scrutiny in Brussels; but the knowledge
that the MIBC's regime was under threat has had a bad effect on new company
formations. Now, according to a briefing paper from Tim Wilkie, Managing Partner of advisory
firm Corporate & Treasury, Regional Secretary for Planning and Finances
Ventura Garces is hopeful of a successful outcome. Mr Garces says that within two or three months the MIBC will be in the clear,
and the new 2000 regime will have an official stamp of approval. He says he
is confident that the MIBC will be able to resume its growth, which had previously
been very rapid. Meanwhile, Corporate & Treasury continues to advise that only pre-31st
December 2000 companies should be used to to set up in the MIBC. .
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