Post by miriammuraba on Mar 27, 2019 20:23:17 GMT 4
The Angolan National Assembly approved a bill enacting the new Value-Added Tax ("VAT") Code in January 2019. The VAT system is to replace the current consumption tax regime, broadening the tax base and introducing a single tax rate of 14% with effect from July 2019.
VAT will be implemented in two phases, firstly in respect of large taxpayers and other (eligible) entities that opt for immediate application and, secondly, in respect of all taxable persons.
Post by miriammuraba on Mar 27, 2019 20:24:18 GMT 4
Law No. 18/19 of 28 December 2018, approving the 2019 State Budget Law, was published on 28 December 2018.
In terms of the Law:
the amnesty scheme in respect of outstanding income tax, customs duties and social security taxes for the period up to and including 31 December 2017, is approved; the special levy applicable to the transfer of funds abroad made under contracts for the provision of foreign technical assistance and management services is retained for the year 2019; the scope of the statutory provisions relating to the payment of taxes in instalments is expanded to apply to customs duties in cases where there has been a customs clearance procedure and where additional tax is assessed as a result of post-importation audit processes; and the president is authorised to: redefine the investment income tax exemption regime applicable to dividends distributed to companies resident in Angola that qualify as taxpayers for the purposes of industrial tax; and subject to stamp duty, the receipts of independent professionals, all contracts for the provision of services and employment contracts of non-resident foreigners.