Luanda — The deputies of the National Assembly (AN) on Thursday unanimously approved the Draft Legislative Authorisation Law on the Special Tax Regime for Cabinda province.

The law, approved at the seventh extraordinary plenary meeting, aims to create tax incentives for investors in that region of the country, with emphasis on reducing the Value Added Tax (VAT).

This regime allows companies and the population of the province to have a more advantageous fiscal reality, thus promoting greater equity.

In this context, it replaces the current customs, port and goods transfer regime currently in force for this region with one more suited to the current context, insofar as the former only contemplates customs, port and Value Added Tax (VAT) matters.

With the proposed regime, it is intended not only to widen the scope of products that may benefit from the regime in the customs area, such as the inclusion of services with regard to VAT, but also to include an improvement to the internal taxation regime.

This includes the reduction of the rates regarding industrial, capital investment and property tax, thus making the regime include taxation on the external side (customs and VAT on imports), as well as on the internal side (with the inclusion of industrial tax, capital investment tax, property tax and VAT on the supply of services).