The European Commission has announced its decisions that Italy's tax exemptions for ports and Portugal's Madeira Free Zone scheme are illegal State aid. Italy's tax exemptions for ports are considered "existing aid" given that the exemptions existed prior to Treaty on the Functioning of the European Union (TFEU) and, therefore, Italy is not required to recover corporate tax that was not paid in the past. Portugal, however, is required to recover aid granted under the Madeira Free Zone scheme to companies that have not met conditions as per prior Commission decisions. The conditions include that the tax reductions under the...