Luanda - The National Assembly (AN) authorized Friday the President of the Republic, João Lourenço, to legislate on updating of the Customs Tariff for Import and Export Duties.
The Draft Resolution was approved with 98 votes in favor, no votes against and 71 abstentions by the opposition UNITA parliamentary group.
The legislative authorization aims to update the Customs Tariff in force in the country approved by Presidential Legislative Decree on November 29, aimed at putting in line with the 2022 version of the Harmonized System (HS) for the Description and Coding of Goods.
The aim of this legislative procedure is to adjust the import duty rates applicable to imported goods and similar or identical products produced in the country to encourage the increase and diversification of national production, particularly agricultural production and industrial protection.
The revision and update is also aimed at promoting and developing the manufacturing sector and continuing a series of industrial projects that are already capable of meeting the country's needs and helping to reduce the volume of imports of finished products.
Presenting the draft law, the Secretary of State for Finance, Otoniel dos Santos, said the legislative authorization is an opportunity to promote or stimulate domestic production and the creation of more jobs.
The official added that under the current law, any national citizen who enters the country with products worth up to 1 million kwanzas, without commercial purpose will be exempt from paying customs duties.
According to the official, the tax relief will also apply to the country's border areas, adding that these facilities or benefits are part of the border trade law.
Crypto currencies
The National Assembly unanimously approved the Bill on Crypto currency Mining and other Virtual Assets.
Approved with 167 votes in favour, no votes against and no abstentions, it aims to limit the circulation of virtual currencies not issued by central banks, whose transactions take place between economic agents in national territory.
It is also intended to ban the mining of crypto currencies or other crypto-assets without legal tender status and the professional services associated with them.
The bill also aims to introduce into the Angolan legal system the legal regime applicable to the mining and circulation of crypto currencies, with a view to regulating the problems that arise from this economic activity. DC/VIC/DAN/AMP
