Rain breaks 40-year record

August sees record rainfall at Areeiro

Rain breaks 40-year record headline in the Diario

The hottest month of the year has become a historic milestone. Rain breaks record at 40 years old is the subject of the headline in this Friday’s Diario, which explains that since 1982 there has not been as much rainfall in the Areeiro area of the mountains as recorded in August.

The average air temperature was also above normal throughout the Region.

Madeira Free Zone

The same newspaper reports that specialists discussed strengths, weaknesses and investment opportunities in the Region, in a conference dominated by the “unknown” called the Madeira Tax Free Zone.

In the JM, the European deputy José Gusmão said today, in Funchal, that the European Union’s decision is in line with what “the Left Bloc (BE) has been saying for many years, that the Free Zone is not useful for the Madeira Economy”. He is concerned about how tax revenue will be recovered.

“It has been useful to fill some pockets, but not those of those who live here, those who work here and those who expect the State to promote a development strategy for the Region that is sustained and reaches everyone”, underlined the MEP. block in an initiative promoted by the regional coordination of the party in front of the Government Palace, where the Regional Secretariat of Finance is installed.

Speaking to JM, José Gusmão underlines that “it is very important to distinguish public and fiscal policies that bring fiscal benefits to outermost areas, such as Madeira, to compensate the Region for the added costs that all economic activities have to face. , all the industries that settle here”.

Regarding the Free Trade Zone, he insists on the idea that it is limited to “providing a postal address to companies that in the overwhelming majority of cases have all their economic activity outside the Region, to evade taxes”.

If, on the one hand, the decision of the European Union to consider illegal State aid to the International Business Center of Madeira pleases the left block, on the other hand, there is a fear that has been installed, which is to know how tax revenue will be recovered.

“One matter that concerns us is knowing how they will get this revenue, knowing who will pay the tax freebies received by others. This worries us. Many of these companies do not have real economic activity in the Region and some of those that received benefits may, perhaps no longer exists. Therefore, a part of this tax revenue may be uncollectible and this is a matter that concerns us and that must be treated with common sense”, defends José Gusmão.

Asked by the Jornal about the employees who could be affected, if some companies choose to leave the Region, the MEP argues that in such a scenario “the State has to ensure the professional continuity of these highly qualified people, who can be reappointed and can bring much more benefits to the Region than what has happened with the Business Center (the Free Zone)”.

COVID-19 in Madeira: updates can be found in an earlier post

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1 thought on “Rain breaks 40-year record”

  1. How does this work when doing international trading, tax heavens are the international pariah’s of a great many countries.
    Seems a retrograde step, Madeira needs diverse manufactures with proper jobs.

    Reply

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