economypoliticsportugal

Approved four investment agreements worth 390 million

The Council of Ministers today approved four investment tax contracts, totaling € 390 million, supported with € 38.4 million, creating 377 new jobs, three of which are in the interior of the country.

The investment contracts will be entered into with the companies Sociedade Coficab Portugal – Companhia de Fios e Cabos, Somincor – Sociedade Mineira de Neves Corvo, LUSO FINSA – Indústria e Comércio de Madeira and TMG – Plasticized Fabrics and Other Coatings for the Automotive Industry.

In the case of Coficab Portugal, a 20% IRC tax credit and Stamp Tax exemption are granted up to a maximum amount of 5.7 million euros for a project valued at 38.1 million euros.

According to the information provided by the Government, this investment will promote the creation of 129 jobs until December 31, 2022 and its maintenance, in addition to the current 492 jobs, until December 31, 2026.

Somincor – Sociedade Mineira de Neves Corvo will benefit from a tax credit of 9% IRC and exemption from Stamp Duty up to the maximum amount of 16.7 million euros for its investment of 256.6 million of euros.

The project provides for the creation of 38 jobs until December 31, 2021 and maintenance of all jobs until December 31, 2027.

As for LUSO FINSA – Industry and Commerce of Madeira, the investment amounts to 49.5 million euros and provides for the creation of 51 jobs until December 31, 2021 and its maintenance, as well as the current 262 jobs, until December 31, 2026.

The investment agreement now approved grants you a 21% IRC tax credit and an exemption from Stamp Duty up to a maximum amount of 10.4 million euros.

TMG – Plasticized Fabrics and Other Coatings for the Automotive Industry is granted a tax credit in IRC of 21% and exemption from Stamp Duty up to the maximum amount of 5.6 million euros, being an investment of 46 million euros that creates 159 jobs until December 31, 2021, and its maintenance, good as of the current 411, until December 31, 2025.

According to Economy Minister Pedro Siza Vieira, “between the jobs that will be re-created and those that remain in productive units that increase their capacity” is a total of “about 2,580” jobs.

“I would like to point out that three of these investments are carried out in the interior of the country, located in Castro Verde, Nelas and Guarda,” he said, noting that these three projects “represent 340 million euros of private investment, with the creation of 326 of work “.

Considering that it is “a series of investments with a lot of significance, particularly for the interior regions of the country,” Siza Vieira highlighted the investment of € 38.1 million made by Coficab in Guarda, which allows the creation of 129 new jobs.

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