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The Region’s 2020 Budget will already “substantiate” this measure, Miguel Albuquerque said.

“We will continue the tax reduction in Madeira. It is very important that we fulfil the commitment to reduce the IRC [Corporate Income Tax] to 12%. We will do it already in the next Budget,” said the minister, noting that the The goal is to “support entrepreneurship in every way”.

Miguel Albuquerque said that this reduction targets only small and medium enterprises.

Currently the IRC rate in the Autonomous Region of Madeira is 20% and in the case of small and medium enterprises is 13% for the first 15 thousand euros of tax base.

The official spoke on the sidelines of the opening session of the 6th edition of Cidade do Empreendedor, in Funchal, an event organised by the Madeiran Young Entrepreneurs Association, in partnership with Start Up Madeira, which runs until Sunday.

The initiative aims to “promote and promote” ideas, businesses, qualities and characteristics of young people from Madeira in all sectors of economic activity.

“We want Madeira to have a [IRC] rate equivalent to that of Ireland, which is a benchmark at the level of European Union countries, with greater entrepreneurship and entrepreneurial ability and greater attractiveness,” said Albuquerque.

The chief executive considered that the reduction of the IRC rate to 12% implies a reduction in the region’s revenue, which, however, will be offset by “more initiative and greater economic dynamism”.

The discussion of the 2020 program of the PSD / CDS-PP coalition of the Regional Government of Madeira is discussed at the Legislative Assembly in November, and the region’s budget will be debated early next year.