The budget of the Autonomous Region of Madeira for this year is 2,238 million euros, the highest ever, said today the Regional Secretary for Finance, Rogério Gouveia, noting that the Investment Plan is budgeted at 975 million.
“It’s a budget that maintains the continuity of intervention in social measures, without neglecting the continuity of tax cuts, specifically the extension of the tax differential [30% less] to the 5th IRS [Personal Income Tax] bracket and the maintenance of the tax differential between the 1st and 4th brackets,” he said.
Rogério Gouveia was speaking to journalists after handing over the proposals for the Budget and the Investment and Development Expenditure Plan and Program of the Administration of the Autonomous Region of Madeira (PIDDAR) for 2024 to the president of the regional parliament, José Manuel Rodrigues, in Funchal.
In terms of the tax burden, the Government of Madeira (PSD/CDS-PP) will also maintain the tax differential of 30% less, provided for in the Regional Finance Law, for the current rates of corporate income tax (IRC) and the municipal surcharge.
“We also have a budget that will seek to continue stimulating regional companies, seeking above all to maximize the use of the EU funds available, with a strong component of investments financed by the PRR [Recovery and Resilience Plan], but also already starting to implement Madeira 2030,” explained Rogério Gouveia.
The Finance Secretary indicated that the PIDDAR for 2024 is budgeted at 975 million euros and that this sum is largely justified by a “strong component of community funds”, as well as by “a significant effort” in the work on the new hospital, currently under construction, and other ongoing contracts.
In 2023, Madeira’s budget was 2,071 million euros and the PIDDAR was 775 million euros.
The proposals for the Budget and the Investment and Development Expenditure Plan and Program of the Administration of the Autonomous Region of Madeira for 2024 will be presented publicly at 17:00 today in the noble hall of the Regional Government in Funchal.
