The deputy of Chega/Madeira in the Assembly of the Republic believes that the International Business Centre of Madeira (IBC) “has its purpose determined and is no longer a way to enhance the economy of the Region.” In a press release, Francisco Gomes regrets that “the Regional Government has not been, nor is it being, as ambitious as it could be in creating greater economic competitiveness.”
Returning to a topic that has been debated in the media and in various political contexts, the Madeiran deputy points to what he sees as a “huge reduction” in the number of companies registered with the International Business Centre, arguing that this is a consequence of the lack of confidence and instability created around the current tax regime.
“The IBC once had about 6,000 companies, but today it is down to about 1,600. We have already understood what the direction will be and it is a strategic mistake to insist on prolonging the agony, because nothing new will come from here. There is no will to continue this system, neither on the part of the Republic nor on the part of Europe.”
Francisco Gomes does not exempt the Regional Government and the Republic from blame for the demise of the IBC. For the Chega deputy, successive regional and national leaders did not have the capacity to promote, in Madeira, the adaptation that other financial markets had.
“In its forty years of existence, the IBC has lost relevance and attractiveness. While other European markets, our competitors, have specialised in low taxation, we follow a model of state aid, which has been poorly negotiated with Europe and put into law in an opaque and incompetent way.”
The Madeiran parliamentarian also looks with concern at the notifications already issued to companies registered with the IBC requesting the return of the aid received. Francisco Gomes notes that at the heart of the matter is not any non-compliance on the part of companies, but the failure of the State to put into law, in clear terms, what it has negotiated with Brussels.
“The companies that are being called upon to pay fines have done nothing more than follow what the state has put into the law. However, the state has not put into law what it has negotiated with Europe. So it wouldn’t surprise me if some companies, or even many of them, took the state to court.”
For the future, Francisco Gomes indicates that other ways have to be explored to make Madeira a competitive region, an area that Chega takes very seriously and to which it has been dedicating special attention.
“We have been analysing this issue very carefully, promoting a number of meetings and diligences that we consider important at this stage. Of course, the goal is to take significant steps in this matter, but each thing in its own time, and the time now is to study and listen to industry experts.”
Samantha Gannon
info at madeira-weekly.com
