Closure would see €400 million lost
JM leads with a report that the University of Coimbra’s study on the cost-effectiveness of the Madeira Free Trade Zone concludes by the need to maintain a broad framework of support. The document, which JM had access to, recommends one of two ways; either to maintain the current fiscal framework, or for the European Union to create another regime of direct support for the outermost regions.
The same report features today’s edition of the Diario is the opinion that admits the closure of the Free Zone of Madeira, with the study concluding that the closure could reach up to 3% of the active population and generate a loss of Gross Added Value of up to 400 million euros.
The Madeira Free Trade Zone offers one of the most competitive tax systems in Europe, which regularly attracts attention from other member states.
COVID-19 in Madeira: updates can be found in an earlier post