Decree-Law n. 500/80 | |
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Government of Portugal | |
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Citation | 1980, c. 3493 |
Territorial extent | Autonomous Region of Madeira |
Enacted | 13 Augusto 1980 |
Assented to | 11 October 1980 |
Signed by | António Ramalho Eanes |
Commenced | 21 October 1980 |
Administered by | European Commission Ministry of Finance Regional Government of Madeira Portuguese Tax and Customs Authority SDM - Sociedade de Desenvolvimento da Madeira, S.A. |
Amends | |
Implementing Decree n. 53/82 Decree-Law n. 165/86 Regional Implementing Decree n. 21/87/M Decree-Law n. 352-A/88 Decree-Law n. 234/88 Decree-Law n. 96/89 Ministral Order n. 715/89 Ministral Order n. 134/92 Decree-Law n. 215/89 Ministral Order n. 135/94 Decree-Law n. 149/94 Decree-Law 212/94 Decree-Law n. 250/97 Ministral Order n. 222/99 Decree-Law n. 192/2003 Ministral Order n. 4/2010 Law n. 54-B/2011 Law n. 20/2012 Law n. 83/2013 Law n. 83-C/2013 Law n. 75-A/2014 Law n. 64/2015 Law n. 21/2021 | |
Related legislation | |
Corporate Income Tax Code Municipal Property Tax Code Municipal Property Transfer Tax Code Stamp Duty Tax Code Tax Benefits Statutes | |
Summary | |
Regulates the Madeira Free Trade Zone Tax Regime. | |
Keywords | |
State Aid | |
Status: In force |
The International Business Center of Madeira (IBCM) or Madeira International Business Centre (MIBC), formally known as the Madeira Free Trade Zone, is a set of tax benefits authorised by Decree-Law 500/80 in 1980, legislated[1][2] in 1986, and amended throughout the years by the Portuguese government to favor the Autonomous Region of Madeira. Its objectives are to attract foreign investment to the region and internationalise Portuguese companies by allowing them to benefit one of the lowest corporate taxation rates in Europe and in the OECD member countries.[3][4]
Since 1987, the MIBC has been managed and promoted by a private company, Sociedade de Desenvolvimento da Madeira S.A. (SDM), in which the Regional Government of Madeira currently holds of 48,86% the shares. The other main shareholder is Pestana Group, holding 51,14% of the shares.[5] As of January 2020, the Vice-Presidency of the Madeira Regional Government announced its intention of acquiring 51% of the shares of SDM.[6]
The International Shipping Registry of Madeira (locally known as MAR[7] or RIN-MAR[8]), created by the Portuguese government to develop its blue economy, is associated strongly with the MIBC. As one of Europe's largest[9] ship and yacht registries, MAR accepts the registration of all types of commercial vehicles. In 2016, MAR had a total of 516 registered vessels. The registry offers benefits to shipping companies and ships, oil rigs and yachts, including a mortgage system and access to European continental and island cabotage.[10][11]