Madeira challenges tax haven claims

Madeira challenges tax haven claims

The Portuguese island refrains from ticking the other criteria of a tax haven, despite a five percent corporate tax rate in cintrast to a European average of 25 percent.

“Madeira has never been considered an offshore centre by the Organisation for Economic Co-operation and Development,” claim Roy Garibaldi and Nuno Teixeira. The answer is as obvious as the sensitive question for these two representatives of the board of directors of the Madeira Development Corporation (SDM), the body that has managed the free zone of the island for 30 years in a private public partnership. And those who dare to contradict them do so on  an “ideological” basis, because they are “extreme left,” they say.

Unlike true offshore centres, such as Panama, the trade register of Madeira is public and companies are forced to publish their accounts. In addition, the island complies with the Portuguese blacklist of tax havens – with which it is forbidden to trade – and the OECD’s obligations regarding the exchange of information.  PHOTO: Madeira’s green-backed hills  READ MORE (in French): http://www.lemonde.fr/evasion-fiscale/article/2017/02/15/l-ile-de-madere-est-elle-un-paradis-fiscal_5079988_4862750.html

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