Luanda – Angola’s Cabinet Council Wednesday reviewed the draft law that authorises the head of Executive to legislate the fiscal and customs matters.
The proposal is contained in the final communiqué of the 11th session of this collegiate body, chaired by the President João Lourenço.
The draft law, to be referred to National assembly, aims at approving the Tax, Customs and Administrative Incentives Scheme for the construction of the Cabinda Refinery.
The private initiative proposal of public interest will boost local content, create jobs and generate economic and social development for the province of Cabinda.
In 2019, Angola imported almost three million metric tons of refined oil products, having spent around USD 1.7 billion, figures that reflect a deficit of these products, for domestic consumption of 80 % of needs.
The construction of new refineries is necessary in order to increase the national refining capacity and complement the production of the Luanda Refinery, the only existing refinery, in order to face the growing trend of population growth and the consequent increase in consumption.
The session also analysed the proposal for the Cremation Law, while in the field of economics, the Cabinet Council approved the Report on the Balance of Execution of the National Development Plan 2018-2022, for 2020-January-September.
