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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