Luanda - The Economic Commission of the Cabinet Council analyzed Wednesday the draft Corporate Income Tax Code, whose implementation aims to turn into a simpler, more modern and unitary Angola’s income tax system, a press release of the meeting said.
The proposal, which is to be submitted to public consultation for 30 days, includes a reduction in technical complexity and the unification of declaratory procedures, the statement said.
According to the Finance Minister Vera Daves de Sousa, the proposal is fundamental to the strategy of boosting revenue and simplifying the relationship between taxpayers and the state, through the General Tax Administration (AGT).
The minister said the legal tool aims to unify tax matters related to industrial, capital and property taxes in a single document and that the proposed code will allow the tax justice to simplify the preparation and submission process of tax returns for companies.
It also aims to facilitate dialogue with international partners in the negotiation of agreements that avoid double taxation and provides a reduction in property tax on the purchase and sale of real estate, exempting transactions up to 40 million kwanzas and half of what is currently paid for amounts up to 100 million kwanzas. JFS/MCN/ADR/AMP
