The Regional Secretary for Finance, Duarte Freitas, has described a potential 30% reduction in VAT rates in Madeira as "catastrophic." He argues that without an amendment to the regional finance law, such a measure would have a devastating impact on the region's public finances.
Freitas also expressed skepticism about benefits for consumers, stating that a VAT cut would likely not translate into lower prices for citizens. Regarding competition in the region's ports, he reminded that the market is free and open to any interested operator.
