Luanda – The Cabinet Council assessed Wednesday the bill that amends and republishes the Value Added Tax (VAT) Code. The document is expected to head to the National Asembly for approval.
The Draft amendments cover the reduction of the VAT rate on food, from the current 14 to seven percent, according to the communiqué from the Cabinet Council’s session chaired by the President, João Lourenço.
The diploma includes amendments to the broadening of the scope of application of the simplified regime to cover exempt operations and scrap the application of seven percent of Stamp Duty, as well as clarification of some exemptions.
These include, among other aspects, exemptions relating to medical goods, books, assimilated operations, the special customs regime and those resulting from international agreements,
Also heading to the National Assembly is the law that lays down the legal regime applicable to the mining of cryptocurrencies and other virtual assets, throughout the national territory.
The assessment of the legal regime aims to ensure an environment of legal certainty and security, in line with international standards.
The document refers to the prevention, mitigation and repression of practices associated with crimes against the environment, national energy security, money laundering and terrorist financing.
The intention is, among others, to limit the circulation of virtual currencies not issued by central banks, as well as to prohibit cryptocurrency mining activities.
The 6th Ordinary Meeting of the Cabinet Council also reviewed a bill that authorises the President , as holder of the Executive Power, to create a Mandatory Social Protection System for the State Information and Security Service. AL/ADR/NIC
