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EC Agrees To Tax Reduction For Madeira's Free Zone,
by Ulrika Lomas, Tax-News.com, Brussels
Friday, June 29, 2007
The European Commission announced on Wednesday that under EC Treaty state aid
rules, it has approved a scheme providing tax reductions worth EUR300 million
until 2020 to companies setting up in the free zone of Madeira (ZFM) between
2007 and 2013.
The granting of the aid is subject to requirements to create jobs and to strict
safeguards with regard to the implementation of the aid. The Commission was
satisfied that the aid was intended to promote regional development in Madeira,
by enabling companies established in this outermost region to overcome their
structural handicaps.
“The aid will contribute to attract investment and economic activity
to Madeira, supporting cohesion in the EU and regional development in this outermost
region.”
The ZFM comprises an industrial free zone, an international services centre
and an international shipping register. New companies licensed to carry on business
there between 1 January 2007 and 31 December 2013 will benefit from a reduced
tax rate of 3% in 2007-2009, 4% in 2010-2012 and 5% in 2013-2020.
Access to the scheme will be restricted to companies which meet specific eligibility
criteria, based on the number of permanent jobs created. The tax benefits will
be limited by a ceiling placed on the taxable base per company which ranges
from EUR2 million (where less than three new jobs are created) to EUR150 million
(where more than 100 new jobs are created).
The companies involved will have to start business within a fixed time limit
(six months in the case of international services, and one year in the case
of industrial or shipping activities), beyond which they will lose their licences.
Admission to the ZFM is also restricted to the activities included in a list
drawn up by the Portuguese authorities on the basis of the statistical classification
of economic activities in the EU. As under the previous scheme, authorised by
the Commission on 11th December 2002, financial and insurance intermediary activities,
financial and insurance auxiliary activities and "intra-group services"
(coordination, accounting and distribution centres) are explicitly excluded.
The Commission has assessed the aid in the light of the Regional Aid Guidelines
for 2007-2013. Under the Guidelines, Madeira is fully eligible for regional
aid until the end of 2013.
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