“It is an open secret that Madeira is operating a tax haven under the disguise of promoting economic development. The only jobs created through the favourable tax regime are for people manufacturing letterboxes as Madeira is full of letterbox companies. This is an issue that I have pointed out towards the Commission on multiple occasions, but was always rebuffed. I find it very surprising that only a year ago tax Commissioner Pierre Moscovici has insisted that there are no such things as tax havens in the EU and now the Commission opens an in-depth investigation. In any case, as the facts have long been known to everyone, I expect the European Commission to reach a tough verdict swiftly and bring down the Madeira tax scheme. This is also a question of international credibility in taxation matters.â¤
Background:
More information on the state-aid investigation can be found here:
<link http: europa.eu rapid press-release_ip-18-4384_en.htm>europa.eu/rapid/press-release_IP-18-4384_en.htm
