OBS_VALUE: Pursuant to the European Commission guidelines, tax relief is an acceptable state aid measure aimed at EU shipping companies in order to increase their competitiveness with respect to non-EU companies. Portugal established a specific fund o subsidise the modernisation of the ships of Portuguese maritime services transport suppliers. Following the recent European Union (EU) Commission's decision to extend the Madeira tax regime through 2027, the new rules applicable to the Madeira International Business Centre (MIBC) were approved.