Archive for October, 2013

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How to internationalize operations through Madeira

In on October 31, 2013 by NEWCO

westerdam_sunrise_bxa

Madeira and its main business sectors have had good news in 2013. Not only has it been considered the best island destination in Europe and is in the running for the best island destination in the world in 2013, Madeira also concluded its negotiations with the European Commission. These negotiations allowed for an increase in the taxable profit benefitting from a reduced Corporate Income Tax rate (5%) in its International Business Centre (IBCM), improving Madeira’s image as a safe, competitive European jurisdiction for managing international operations.

The preferential tax system of the International Business Centre of Madeira was authorized by the European Commission within the scope of its state aid program, considering the need to give this Portuguese autonomous region tools that allow it to overcome the limitations of its situation as a small ultra-peripheral island economy in the European Union.

Granting tax benefits that are sufficiently completive to attract foreign investors proved to be the most effective solution and the International Business Centre currently accounts for almost 25% of Madeira’s gross regional product. There are many advantages that lead investors from many countries to internationalize their operations through the IBCM, benefitting from significant tax and operational optimization:

  • A modern economy based on international services;
  • Qualified labour with excellent foreign language skills;
  • One of the lowest Corporate Income Tax rates in the European Union (5% up until 2020);
  • Quality road and telecommunications infrastructure;
  • Very competitive operating costs in comparison with other European jurisdictions;
  • A secure and transparent tax system pre-authorized by the European Union.

Download our Madeira brochure to find out about the advantages of this jurisdiction for foreign investors and discover some of the more interesting opportunities offered by Madeira’s tax system.

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Exceptional regime for settling tax debts and amounts owed to Social Security in Portugal

In on October 10, 2013 by NEWCO

Perdão fiscal

The Portuguese Cabinet has approved an exceptional and temporary system for settling tax debts and amounts owed to Social Security by taxpayers who pay their debts by 20 December 2013.

This system waives penalty interest, compensatory interest and administrative costs and offers a significant reduction in fines related to such proceedings.

The government’s aim in approving this exceptional and temporary system was to give taxpayers one last chance to settle their taxation and social security contribution situations. This initiative shall be accompanied by other measures, coming into force as of 1 January 2014, to preventing fraud and tax evasion, which shall involve stricter penalties for tax crimes.

As soon as the ensuing legislation is published, NEWCO will be available to analyze and settle its clients’ accounts.

 

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