Covid-19: Supplementary Budget of Madeira with an increase of 287,7 million euros and without tax increase

The proposal for the Supplementary Budget for Madeira adds 287,7 million euros to the amount approved for 2020, from 1.743 million euros to 2.030 million, said today the vice president of the Regional Government, stressing that there will be no tax increase.

Helder Santos

“It is out of our plans to make any tax increases, quite the contrary. Our goal is to take advantage of this scenario of low economic growth to become different, ”said Pedro Calado, at a press conference in Funchal.

The Supplementary Budget of the autonomous region, which will be debated in the regional parliament on July 22 and 23, contemplates the limit of net indebtedness authorized by the State Supplementary Budget - 489 million euros, equivalent to 10% of the Gross Domestic Product (GDP) 2018.

“Between the expected tax revenue of minus 195 million euros and the increase in revenue through the loan and other situations, we have net only the amount of 287,7 million, which added to the initial budget amount, shoots to a global amount of 2.030 million for 2020 ”, clarified Pedro Calado.

The document prepared by the Madeiran executive, from the PSD / CDS-PP coalition, aims to respond to the socioeconomic crisis caused by the pandemic of the new coronavirus in the archipelago, where 98 cases of infection are reported, of which 93 are recovered and five are active.


Madeira's Supplementary Budget forecasts 296 million more expenses

The current expenditure forecast is 1,4 billion and 609 million euros for capital expenditures.

Agri-food exports rise 0,4% until June to 3.285 million euros

In June alone, exports increased by 5,2% to 552 million euros, compared to the same month of the previous year, while imports decreased 0,7% to 801 million euros.

National visa processing becomes available again

The Ministry of Foreign Affairs also confirmed that the service for national visa applications can be done in “Portuguese, English, French, Russian and Ukrainian languages”

"July shows braking in the recovery of travel and tourism", warns EY / Parthenon

The fourth edition of EY / Parthenon's “Notebook of Notes”, on “The economic crisis of Covid-19” - released this Friday, August 7th - a work elaborated with the supervision and scientific direction of Augusto Mateus, strategic consultant from EY Portugal, traces the analysis of the economic crisis to the fifth month of the pandemic.