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83-577: MIBC may refer to: Madeira International Business Center , a set of tax benefits available in Madeira, Portugal. Moscow International Business Center , the central business district in Moscow, Russia. Methyl Isobutyl Carbinol , a reagent used in froth flotation. Muscle invasive bladder cancer Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with

166-411: A vacatio legis of five days is assumed by default. Portuguese laws can lose their effectiveness either by expiry or by revocation. The expiry can result from a clause in the own law (saying that the law is only effective during a given time or while a given situation occurs) or can result from the disappearance of the cause that originated the creation of the law. Regarding revocation, this results from

249-594: A combination of theoretical frameworks and analysis of the avaialable tax revenue at the time. According to the study published by the Portuguese Catholic University , on April 4, 2019, should all the companies benefiting from the International Business Centre of Madeira cease to operate then: On April 30, 2022, the media and JPP leaked the conclusions of the study carried out by Coimbra University , on behalf of

332-541: A feature that plagued the entire Portuguese public service , reputed for its overcapacity, useless redundancies and a general lack of productivity as a whole. After the collapse of the Portuguese public finances and banking system in 2011 amid the larger European sovereign debt crisis that impelled Portugal to European Union-International Monetary Fund state bailout, many reforms were put in place and measures to cut down costs and increase productivity were enforced across

415-654: A foreign country and only in the theater of war . With the new Constitution in 1976, it was again abolished for all crimes. The last execution in Portugal took place in Lagos in 1846. A possible execution of a soldier of the Portuguese Expeditionary Corps carried out in France during World War One remains poorly documented. In 1884, Portugal became the first country in the world to abolish

498-594: A high importance in the past, but are now largely obsolete and partially replaced by new legislation. As in most other European medieval countries, Portugal did not have centralized political institutions that would enact statutory law on an averyday basis. Both the wars against Castile and the Reconquista turned the Crown and the Court into an army permanently on the move. Some Portuguese legal historians claim that in

581-545: A rule of law and intimates its observation. The President may however decide not to promulgate the act and to veto it with a political or legal justification. The veto can be exceeded if the bill is voted and approved by of more than two-thirds of the members of parliament, in which case the President is obliged to promulgate it. After the promulgation, the act is sent to the Government for a ministerial referenda and then

664-821: A separate branch (Lusophone Legal System) in the scope of the wider family of civil law legal systems. The main Portuguese laws include the Constitution (1976, as amended), the Civil Code (1966, as amended), the Penal Code (1982, as amended), the Labor Code (2003, as amended) and the Commercial Societies Code (1986, as amended). The Commercial Code (1888, as amended) and the Administrative Code (1945, as amended) used to have

747-592: Is led either by the Assembly of the Republic, by the Government or by the legislative assemblies of the autonomous regions, depending on the matter to be legislated and the corresponding respective competence of each body. The ordinary laws issued by the Assembly of the Republic are named "laws", those issued by the Government are named "decree-laws" and those issued by the regional legislative assemblies are named "regional legislative decrees". The process of creation of

830-596: Is now a major driving force in many respects, such as corporate law, administrative law and civil procedure. The Law of Portugal is the basis or, at least, influences more or less sharply the legal systems of the several countries of the Community of Portuguese Language Countries and of some other territories that were once part of the Portuguese Empire . Therefore, these legal systems share many common features which, occasionally, makes them to be considered as

913-514: Is published in the Diário da República (official journal) as a law. The process for the creation of decree-laws by the Government has two ways. The first one is the way of successive signatures, by which the bill is separately signed by each of the responsible ministers and by the Prime Minister, then being sent to be promulgated by the President. The second is the collective approval of

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996-608: Is still in force in what is now the Goa state - where it is referred as the Goa Civil Code or the Goa Family Law - and also in what is now the union territory of Dadra and Nagar Haveli and Daman and Diu . The second and current Civil Code was established on 25 November 1966, entering in force on 1 June 1967. It is referred as the "Civil Code of 1966" or as the "Vaz Serra's Code" in honor to Adriano Vaz Serra, who presided

1079-509: Is to hire less than six employees. Although labor costs in Madeira are among the lowest in the Western Europe, the minimum regional wage being €850 (in 2024), the requirement concerning the need to create job posts has also been harshly criticized by stakeholders, namely the concessionary Sociededade de Desenvolvimento da Madeira who reported a mass exodus of companies to competitor jurisdictions, such Luxembourg and Malta , after

1162-529: Is used or is the basis of the law of various other countries and territories around the world, mostly former territories of the Portuguese Empire . The Law of Portugal was applied in Angola until its independence in 1975. Many Portuguese laws effective before 1975 are still in force, namely the Portuguese Civil Code of 1966 with changes made in some matters. The new commercial law created after

1245-573: The Cortes of Coimbra. During most of Portuguese legal history, Portugal and its colonies had an ancient legal system based on a double foundation of medieval local customary law and Roman law , mostly derived from the Corpus iuris civilis . What would be the Portuguese law has its roots in the laws that were applied in the Far Western region of Europe that would become Portugal. These included

1328-626: The Assembly of the Republic (parliament), the Government and the self-government bodies of the Portuguese autonomous regions (only for specific regional matters). The Government can only legislate about its own organization, about the development and regulation of basic laws issued by the Assembly and on matters for which it is authorized to legislate by the Assembly (under a legislative authorization). All other matters must be legislated by

1411-571: The EU's outermost regions to offset structural, social and economic situations compounded by "remoteness, insularity, small size, difficult topography and climate, economic dependence on a few products, the permanence and combination of which severely restrain their development". Among the measures foreseen in the treaty is the creation of free-trade zones. The MIBC is regulated and supervised by Portuguese (the Regional Government of Madeira,

1494-538: The European Commission does not state anywhere in its regime approval, local stakeholders are of the understanding that the employees to be hire need to be on a full-time basis and resident , for tax purposes, on the Autonomous Region of Madeira. The minimum investment, in tangible or intangible assets, of €75,000 must occur, within two years after incorporation, if the licensed company

1577-654: The Portuguese Catholic University , an economic and sustainability study on the importance of the taxation regime the island's economy, as well as filling a formal complaint and legal opinion to the European Commission's preliminary evaluation of the taxation regime. On December 4, 2020, the European Commission concluded that the III Regime of the MIBC scheme was not implemented in line with approved conditions and that breaching companies would need to give back

1660-531: The Portuguese Empire until the first Portuguese Civil Code came into force in 1867. In Brazil, they continued to be in force after independence in 1822 and constituted the framework of civil law until 1916, when the first Brazilian Civil Code was introduced. Following the establishment of the Constitutional Monarchy , Portugal applied deep reforms in its legal system that included a wide process of legal codification . This process led to

1743-580: The Regional Government , Pedro Calado, the revenue is crucial to maintaining the region's fiscal autonomy from the Republic . As of December 31, 2017 the employment generated by companies licensed within the International Business Centre was the following, by sector: In 2018 the MIBC was responsible for generating 13,3% of the total tax revenue of the archipelago and 42,8% of the total corporate tax revenue. Such amount of taxes generated

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1826-965: The customary law of the Indo-European and Celtic peoples that originally lived in the area (including the Lusitanians and the Gallaecians ), the Roman law applied after the annexation of the region by the Roman Empire , the German law introduced by the Germanic invaders (including the Visigoths and Suebi ) and the Canon law applied after the adoption of the Christianity and

1909-430: The life imprisonment . Presently, no person can be in prison for more than 25 years. Besides having abolished the life imprisonment, Portugal is the only country in the world that considers that this type of punishment—both for minors and majors , with or without the possibility of parole - is a violation of the human rights . In the 2000s , Portugal increasingly became one of the most LGBT-friendly countries in

1992-407: The " civil law " legal systems, referring to legal systems that developed at least in conversation or close ties with systems influenced by the ius commune medieval European tradition of Roman law (however, Scandinavian legal systems are often counted as such, despite the former not penetrating in influence, as opposed to local North Germanic customary law). As such, it has many common features with

2075-628: The 20th century in order to tilt the Portuguese civil law towards the approach of the German legal system, by the influence of the ideas defended by the legal theorists of the University of Coimbra, headed by professor Guilherme Alves Moreira. The Civil Code of 1867 was also applied to the then Portuguese overseas territories. In the Portuguese India , it was introduced in 1870, suffering a major local adaption in 1880 in order to contemplate

2158-474: The Assembly, including some reserved matters regarding which no legislative authorization can be given to the Government. The legislative function reserved for the bodies of self-government of the autonomous regions is assured by their respective regional legislative assemblies, in the conditions defined by the Constitution and the political and administrative statute of each region. The legislative process

2241-475: The Constitution was a highly charged ideological document with numerous references to socialism, the rights of workers and the desirability of a socialist economy . The sharp increase of the number of lawyers and judicial state-employees throughout the following decades did not produce increased efficiency in the legal system. The proliferation of both private and public law schools created a massive increase of numerus clausus vacancies for new law students across

2324-555: The Crown thought were unreasonable. The first of these ordinances was created by the initiative of King Edward , under the lead of Doctor of Law Rui Fernandes . Their first draft was presented in 1446, but they were only definitively reviewed and approved in 1454, already in the reign of Afonso V , so becoming known as the Alfonsine Ordinances ( Ordenações Afonsinas ). These ordinances included: The ordinances of 1603 continued to be used in Portugal and throughout

2407-631: The Empire of Brazil and latter by the Brazilian republican laws. Although already separate, having an independent development and receiving other influences, the Law of Brazil continued to be very influenced by the Law of Portugal, given the cultural affinities between the two countries, the high number of Portuguese residents in Brazil and also the fact that many Brazilian jurists received their training in law in

2490-560: The European Commission was heavily criticized by Madeiran stakeholders, such as the Regional Government, the Madeiran Chamber of Commerce and Sociedade de Desenvolvimento da Madeira , who called the decision to be politically motivated and favouring the low taxation lobbies of certain Member-States who do not face the permanent economic constraints that an outermost region faces. Pedro Calado, then Vice-President of

2573-664: 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. As of January 2020, the Vice-Presidency of the Madeira Regional Government announced its intention of acquiring 51% of the shares of SDM. The International Shipping Registry of Madeira (locally known as MAR or RIN-MAR ), created by

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2656-539: The MIBC, the tax rate on profits is the normal 20%. Since companies licensed in the MIBC are Portuguese companies for all legal purposes, they may qualify (under certain conditions) for the Portuguese-European participation exemption regime applicable to dividends and capital gains . Apart from the unique rules applicable to trust within the MIBC, trusts are fully exempt from taxation on dividends received from shares, royalties or interest received on

2739-644: The MIBC: Linked to the MIBC is the International Shipping Register of Madeira (MAR) which offers specific operational advantages, apart from the MIBC tax benefits which are applicable to both vessels (excluding fishing vessels), yachts , shipping and yachting companies incorporated in MIBC. Under the MIBC rules shipping companies with vessels registered in MAR and their respective non-Portuguese crew are exempt from contributing to

2822-659: The Portuguese Code of 1966. Macau continued under Portuguese administration until 1999 and, in this last this year, replaced the Code of 1966 by its own Civil Code which effectively amounts to a revision of the previous Code, prepared under the influence of Portuguese jurists, especially from the Faculty of Law of the University of Coimbra. After the Carnation Revolution in 1974, the Portuguese legal system

2905-523: The Portuguese Government, where it stated that should the International Business Centre of Madeira cease to exist mainland Portuguese taxpayers would be required to subsidized not only the Madeira's Regional Governments coffers but also the island economy due the massive economic recession that end of the tax benefits would bring upon Madeira and Porto Santo. The MIBC has attracted considerable criticism for its low taxation relative to

2988-636: The Portuguese Tax and Customs Authority, and the Portuguese Social Security System) and EU authorities (primarily the Directorate-General for Competition). Through the MIBC, Madeira became the only jurisdiction in Portugal to allow the incorporation of trusts (a common law fiduciary relationship which is non-existent in Portuguese law ). In a Madeiran trust, the settlor designates the law regulating

3071-449: The Portuguese government to develop its blue economy , is associated strongly with the MIBC. As one of Europe's largest 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 . The MIBC

3154-538: The Portuguese mainland and due to the scandals surrounding companies licensed with it. After the publication of the Panama Papers , the European Parliament inquiry committee on the scandal, and criticism from MEPs such as Ana Gomes and Markus Febber , the European Commission began in 2018 an audit to the MIBC. The audit concerned the job posts created during the so-called Regime III which

3237-624: The Portuguese mortgage law be applicable to vessel registered. Surveys Surveys of yachts registered within MAR can be delegated on classification societies, or on other recognized entities duly approved by the Portuguese Government. Under current register's rules only eight classification societies are recognized as competent to conduct surveys within MAR: American Bureau of Shipping , Bureau Veritas , Det Norske Veritas , Lloyd's Register , Registro Italiano Navale , Rinave Portuguesa, Germanischer Lloyd and ClassNK . Given

3320-449: The Portuguese social security, under the condition that some form of private insurance is guaranteed. Alternatively, crew members may opt for the Portuguese voluntary social security regime or any other type of protection scheme. In addition to the social security benefits, crew of commercial vessels and yachts registered in MAR are also exempt from personal income tax . In the case of yachts there are no citizenship requirements imposed on

3403-487: The Regional Government, has also criticized the Government of the Republic's response to the job post criteria and vowed to present a different bill to the Assembly of the Republic, as he consideres that the changes presente to the law would close Madeira's economy to the rest world. Law of Portugal The Law of Portugal is part of the family of what in English-speaking countries are sometimes called

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3486-541: The University of Coimbra. The Portuguese Ordinances of 1606 continued to be the frame of the civil law of Brazil until 1916, when the first Brazilian Civil Code entered in force. This Code was based in the German Civil Code ( Bürgerliches Gesetzbuch or BGB), what coincided with a trend that was also being followed in Portugal of an approach to the Germanistic system of law. The present Brazilian Civil Code

3569-615: The VAT payment overseas in case of inspection. On the other hand, should the acquisition of the yacht be made through a Portuguese company (either duly licensed in the MIBC or not) and the vessel be accounted as part of its fixed movable assets, the Regime of Intra-Community Supply of Goods should apply. In this case the Madeira Company should use the VAT reverse charge mechanism (it makes the declaration of both its purchase (input VAT) and

3652-516: The bill by the Council of Ministers , it then being sent to be promulgated. The President can also veto the Government bills, in which case the Government has the options of either archiving them, changing them or sending them to the Assembly of the Republic as a proposal of law. After being promulgated, the decree-laws also enter in force after being published in the Diário da República . In Portugal,

3735-461: The centralization of power and an increase of legal authority of the central State. One of the expressions of this authority was the creation of compilations of laws in use in the Kingdom referred as the "Ordinances" ( Ordenações ). These attempts to codify the law were not only a way to unify and bring together the local legal traditions from the whole Kingdom, but also to correct some customs that

3818-410: The charter of law of 1 July 1867 and entering in force on 22 March 1868. It is referred as the "Code of 1867" or as the "Seabra's Code" due to the important collaboration of the jurist António Luís de Seabra (Count of Seabra) in its making. Although formally in force for 100 years, the Code of 1867 suffered many modifications during its history. These included the amendments made since the beginning of

3901-620: The commission that created it. This new Code followed the model of the German Civil Code ( Bürgerliches Gesetzbuch ) and was the culmination of the successive transformations of the previous Code of 1867 that made it to move away from the Napoleonic model and approach the Germanistic model of civil law. The Code of 1966 was applied both to Portugal and to the reminiscent Portuguese overseas territories at that time. It continued to be in force until today in Angola , Cape Verde , Guinea-Bissau , Mozambique and São Tomé and Príncipe , even after

3984-496: The couple is legal since 2016. Portugal was a pioneer in the approach to the drug abuse as a health issue, instead of the traditional criminal approach, implementing a new drug legislation in July 2001 that largely decriminalized drug use. In the world, the Portuguese drug policy and legislation is being used as a case study for other countries that desire to reform their policies and laws on this matter. The new legislation maintained

4067-613: The creation of a number of codes of law , including the constitutions themselves (Constitution of 1822, replaced by the Constitutional Charter of 1826 ), the Administrative Code (1842), the Penal Code (1852, after a failed initial attempt in 1837), the Civil Code (1867) and the Commercial Code (1883). The first Portuguese Civil Code closely followed the model of the Napoleonic Code , being approved by

4150-443: The crew. However present regulations stipulate that 30% of the safe manning of all other types of vessels must be European, either EU and non-EU Member-States, or citizens of Portuguese-speaking countries . This requirement applicable to vessels can only be eliminated whenever if duly justified. Yacht owning companies duly registered in the MIBC have access of a discount of 20% on registration and annual fees due to MAR, apart from all

4233-413: The demonstration of a new will from the legislator against the previous will. The revocation can be partial (with only some dispositions of the old law being revoked by the new one) or total (with the revocation of the whole old law). The revocation can also be classified either as express (when a new law expressly declares the revocation of an old one) or as tacit (when it results from the incompatibility of

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4316-424: The deposits and all (non-financial) income distributed from the trustee to the trust's beneficiaries is fully exempt of taxation provided these beneficiaries are corporate entities licensed to operate within the MIBC or non-Portuguese resident entities/individuals. The above-mentioned tax benefits, namely the reduced corporate tax rates, are only granted if the following substance requirements are met: Although

4399-494: The dispositions of a new law with the dispositions of an old one). The several types of laws, acts and statutes of Portugal constitute a hierarchic legislative system, with several ranks. The laws of the lower ranks have to comply with the laws of higher ranks. The hierarchy has the Portuguese Constitution in its top and is the following: 1st rank - Constitutional laws, namely: 2nd rank - International laws, namely: 3rd rank - Ordinary laws, namely: 4th rank - Acts with

4482-404: The entire public service. The number of district courts were slashed to 23 from 320, pooling their work in larger centers and closing courts in rural areas where the population has shrunk since the system was established in 1837. Courts were also reorganized to specialize to deal with labor or trade issues. Accordingly, with the Portuguese Constitution, the legislative function is shared between

4565-402: The fact that Madeira is an integral part of Portugal and the EU, all international conventions, either by IMO or ILO , ratified by Portugal are fully applicable to and binding to MAR. In 2017, the MIBC represented 20 percent of the total revenue of the Regional Government of Madeira and 50 percent of the total corporate tax revenue of the autonomous region. According to the Vice-President of

4648-405: The first two centuries after the Treaty of Zamora in 1143—in which the León recognized Portuguese de facto sovereignty—the kingdom's political power was that of a "Warrior-State" that neither could, nor did, direct its resources to the organization of administrative institutions or to the productions of laws. An exception to this fact were the three laws enacted by King Afonso II in 1211 during

4731-426: The force equivalent to that of laws, including: 5th rank - Regulatory acts, including: From the countless loose legislation, stands out a number of legal codes that constitute the framework of the various branches of the Law of Portugal. The principal law of Portugal is the Constitution (1976), which also constitutes the framework of the branch of constitutional law . Regarding the other major branches of

4814-451: The full application of the MIBC regime to the Autonomous Region of Madeira could lead to a significant improvement in its fiscal health, potentially resulting in a budget surplus. He argues that the MIBC regime could attract a substantial influx of international businesses and investments to the region. This, in turn, would increase the regional government's tax revenue and stimulate local economic growth. Pinto-Correia supports his argument with

4897-440: The increased influence of the Church. After the establishment of independent Kingdom of Portugal in 1143, the historical evolution of its law can be generically divided in the following periods: However, following the 1383–85 Crisis , the beginning of the age of Portuguese Discoveries and the establishment and growing of the overseas empire , the Kings of Portugal were able to grow politically stronger. This strength allowed

4980-411: The independence of these countries in the period of 1974–1975. In Timor-Leste , it was replaced de facto (although not de jure ) by the Indonesian Civil Code (itself based in the Dutch Civil Code of 1838) when Indonesia annexed this country in 1976, following its invasion in the previous year. After regaining independence in 2002, Timor-Leste adopted its own Civil Code in 2011, which follows closely

5063-415: The job creation was implemented and having it depend on the companies' taxable profit. Furthermore, the number employees per company was higher, before the employment requirement was established, since companies would hire on a need basis and not in accordance with law dictates. Licensed companies, operating within the MIBC framework are subject to one of the following annual maximum limits applicable to

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5146-416: The law, they are mainly covered by the following codes: In the world, Portugal was a pioneer in the process of abolishment of the capital punishment . It was abolished in stages - for political crimes in 1852, for all crimes except the military in 1867, and for all crimes in 1911. In 1916 Portugal entered in World War I and the capital punishment was reestablished only for military crimes in war time with

5229-404: The laws of the Assembly of the Republic starts with a bill either proposed by members of parliament (named "projects of law") or by the Government (named "proposals of law"). If approved by the Assembly, the bill starts to be designated "decree" and is sent for the promulgation by the President of the Republic . The promulgation is the act by which the President solemnly testifies the existence of

5312-409: The legal systems found in most of the countries in Continental Europe . Along its history, the law practiced in Portugal started to be based in the customary law of the indigenous peoples that initially occupied the region, that was later influenced by the Roman and Visigothic laws . From the 13th until the 18th centuries, the main influence was the Justinian and Canon laws . In the 18th century,

5395-534: The main influence started to be the natural law . In the 19th century, the French civil law was the main influence in the Law of Portugal. However, since the early 20th century, the major influence has been the German civil law . This growing of the Germanistic influence was mainly driven by works on civil law developed by legal theorists of the University of Coimbra under the leadership of professor Guilherme Alves Moreira, who published his decisive Instituições de Direito Civil from 1906 to 1916. European Union law

5478-403: The mandatory of a law appears with its publication in the Diário da República , but its effectiveness does not start in the day of the publication. The time interval between the date of publication and the date of effectiveness is the vacatio legis . This interval can be defined by the legislator as being from one day to one year. If the date of effectiveness is not expressly defined in the law,

5561-430: The national level. The law came into force on 5 June 2010. A new Law of Gender Identity come into effect in 2011. Being considered the most liberal of its kind in the world, it allows for transsexual people to change their name and sex in legal documentation. In 2015, the full equality in parenting for LGBT couples was authorized by law. The LGBT-parenting single adoption was already previously allowed, joint adoption by

5644-429: The other MIBC benefits applicable to duly lincensed companies. Provided that the importation occurs outside of Portugal, although made by a Portuguese company, there will be not Portuguese VAT liability as the yacht will not enter into Portuguese waters and shall not, assuredly, be subject to custom clearance in Portuguese territory. Nevertheless, the Portuguese tax authorities can, nevertheless, request an evidence of

5727-407: The reestablishment of the market economy in Angola is also still very influenced by the Portuguese one, with the Angolan Code of Commercial Societies of 2004 being based in the Portuguese similar Code of 1986. The Law of Portugal was applied in Brazil until its independence in 1822. After the independence, the Portuguese laws continued in force, gradually being supplemented or amended by the laws of

5810-407: The status of illegality for using or possessing any drug for personal use without authorization. However, the offense was changed from a criminal one, with prison as a possible punishment, to an administrative one if the amount possessed was no more than ten days' supply of that substance. Marijuana possession for personal use is no longer a criminal offence. The Portuguese variant of the civil law

5893-442: The supplier's sale (output VAT) in its VAT return.  In this way, the two entries cancel each other from a cash payment perspective in the same return). A flexible mortgage system applies to vessels register under MAR, allowing the mortgagor and the mortgagee to choose, through written agreement, and the legal system of a particular country that shall govern the terms of the mortgage. Only in case of lack of an agreement shall

5976-487: The tax benefits granted. Following the Commission's decision the Portuguese Government filled a bill to be discussed and approved by the Assembly of the Republic where it clearly states that tax benefits are to be granted provided that job posts created by the companies benefiting from the low corporate income tax rate are fulfilled by the people who are resident, for tax purposes, in Madeira. The audit results from

6059-433: The tax benefits provided for in this regime: This means that the difference between the normal tax corporate rate in the Autonomous Region of Madeira and the 5% corporate tax rate on the taxable profit, granted to the companies, cannot exceed one of the amounts above mentioned. The Portuguese Tax Benefits Statutes contain a list of economic activities which can benefit from tax benefits applicable to licensed companies in

6142-479: The title MIBC . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=MIBC&oldid=1168136481 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages International Business Centre of Madeira Since 1987,

6225-472: The trust. Since the 1980s, MIBC tax benefits have evolved. Their core principle is the reduction of the corporate tax rates in the Portuguese tax code . Under the current set of tax benefits applicable to the MIBC tax benefits, the applicable corporate income tax rate—known in Portugal as IRC—for licensed companies is 5% of taxable income. However, if the company conducts business activities with other Portuguese companies which are not licensed to operate in

6308-401: The usages of the local Hindu community . With the amendments and adaptations suffered until then, the Code of 1867 was in force in the territories of Portuguese India when the Republic of India invaded them ( Dadra and Nagar Haveli in 1954 and the rest of the territories in 1961), with the Code of 1966 never being applied here. The Portuguese legal system was kept in place and the Code of 1867

6391-494: The whole country year after year, together with lower admission selectivity and a downgrade of academic integrity. Already internationally known for decades as excruciatingly slow and inefficient for European Union and USA standards, Portugal's justice system was by 2011 the second slowest in Western Europe after Italy's, even though it has one of the highest rates of judges and prosecutors , over 30 per 100,000 people,

6474-559: The world, with many pro-LGBT legislation and bans on LGBT discrimination, including one of the few Constitutions in the world that protects on grounds of sexual orientation. As examples, LGBT are allowed to serve openly in the Portuguese Military and are also legally allowed to donate blood. On 31 May 2010, Portugal became the sixth country in Europe and the eighth country in the world to legally recognize same-sex marriage on

6557-444: Was changed due to the new political and civil demands. The new Constitution approved in 1976, was written under a myriad of communist and socialist -inspired ideologies and bias in order to replace the previous regime's system. For a number of years, the country bounced between socialism and adherence to the neoliberal model. Land reform and nationalizations were enforced. Until the constitutional revisions of 1982 and 1989,

6640-606: Was created the year that Portugal became a member state of the European Union . The tax benefits approved for Madeira would be considered state aid under EU law , and subject to approval by the European Commission . Approval of such tax benefits by the European Commission is covered by Article 349 of the Treaty on the Functioning of the European Union , which states that specific measures are to be implemented in

6723-534: Was due to the substantial GDP generated by the International Business Centre of Madeira. According to reports issued by the OECD and the United Nations the International Shipping Register of Madeira (MAR) ranked, in 2019, top 15 in the world and the top 3 in Europe, just after Malta and Cyprus . As of 30 June 2018 it had 635 vessels registered. Economist Miguel Pinto-Correia's thesis argues that

6806-620: Was enforced between 2007 and 2014, with the tax benefits being applicable until 2020. Following the audit to the regime by the European Commission , the Portuguese Government , the Madeira Regional Government , the Sociedade de Desenvolvimento da Madeira and the Madeiran Chamber of Commerce initiated a campaigned to defend the taxation regime on the island. The said campaign involved requesting,

6889-578: Was equivalent to more a less 33,3% of the total expenditure incurred by the Regional Government on the regional healthcare system . In 2020 the Vice-Presidency of the Regional Government of Madeira, on the presentation of the Regional Budget for 2020, confirmed that Madeira's GDP grew 5,1% in 2019 (way above the national average). In its report to the Legislative Assembly of Madeira the Government informed that such economic growth

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