Following approval by the EU Commission, The Portuguese government has submitted a bill to parliament containing new proposed rules for the Madeira (Island) International Business Centre (MIBC) regime, including an extension of the regimes benefits to 2027 for companies licensed between 1 January 2015 and 31 December 2020 to operate in the MIBC. The main benefit for MIBC licensed companies is a reduced corporate income tax (CIT) rate of 5% on qualifying taxable income. The amount of taxable income that qualifies for the reduced rate is limited based on the number jobs existing in the relevant tax year. Under the...