The European Commission's approval of Madeira's Tax Regime is a sign of credibility

Funchal, 3rd of July 2007 – The approval by the European Commission of the extension of the regime of tax benefits of the Free Trade Zone of Madeira, was an important sign to the markets and a strong statement of the credibility of this business centre.

In a joint press conference, S.D.M. and the Regional Government of Madeira, represented by the Regional Secretary of Finance. Mr. Ventura Garcês, stated, among other aspects, that the most important task at this moment is to ensure a fast transposition of the Commission decision regarding the extension of the regime of tax benefits of the Free Trade Zone of Madeira into Portuguese internal law.

The ability and necessity to attract foreign investment and therefore to create high qualified employment, contributing at the same time to the modernization of island’s economy are, according to Mr. Ventura Garcês, fundamental reasons to speed up this process, which is now the responsibility of the Portuguese Parliament.

Mr. Francisco Costa, S.D.M.’s President, during the press conference, also pointed out that the approval of the new regime by the European Commission is “good news” and a positive signal to the international market, since it is a confirmation that the International Business Centre of Madeira will continue to offer to international investors competitive opportunities to set up operations in a credible business centre, until 2020.