Madeira International Ship Register has claimed it will be exempt from an investigation launched this week by the European Commission into the misuse of tax breaks.
The register has found itself under scrutiny as it operates within the Madeira free trade zone that offers EC-approved tax incentives to businesses to encourage economic growth and employment.
Launching the probe, Margrethe Vestager, EC Commissioner for Competition, said Brussels now has “concerns” as to whether concessions offered by the zone followed the guidelines set down by the European Union on state aid.
