MP Pedro Coelho highlighted fiscal measures implemented by the Regional and Republic governments to alleviate the rising cost of living in Madeira, particularly concerning fuel prices.
Coelho explained that the reduction in ISP (Tax on Petroleum Products) revenue by the governments has made fuel in Madeira significantly cheaper than it would otherwise be. He noted that the international situation, including conflicts in the Middle East and Ukraine, is the cause of price increases, not government policies, which are actually reducing revenue to mitigate the impact.
The MP mentioned that, on average, fuel in Madeira is about 11 cents per liter cheaper, with the ISP rate for diesel at 33 cents per liter compared to 44 cents on the mainland. Coelho also emphasized the historically low corporate tax (IRC) rates in Madeira and reductions in personal income tax (IRS), including benefits for young people and first-time homebuyers.
