Madeira's Regional Government President, Miguel Albuquerque, has announced the intention to continue reducing the Corporate Income Tax (IRC) rate in the region, now targeting 12.6%. This goal is set against the backdrop of 64 consecutive months of economic growth on the island, a period highlighted by the regional leader at the opening of the PSD/Madeira Parliamentary Days.
Albuquerque stated that Madeira's economy has consistently outperformed the national average, with the regional GDP exceeding the national GDP by nearly nine percentage points. He attributed this growth to a situation of "practically full employment," historic lows in the Social Inclusion Benefit, and an increase in real wages, emphasizing that the tax burden reduction has been accompanied by increased revenue due to economic dynamism.
The president reiterated the Executive's commitment to deepening the IRC reduction and aligning with beneficial national fiscal measures. Regarding VAT, any further reduction will only be considered once the capitalization principle is secured to avoid burdening residents. Investment priorities include housing, health, and social services, with projects such as 80 housing units in Santa Cruz, increased capacity for care homes, and the third phase of the new Madeira Central and University Hospital.
