Angola: Proposal to Amend Vat Goes to Final Global Vote

9 November 2023
Angola Press Agency (Luanda)

Luanda — The Proposal to amend the Value Added Tax (VAT) Code on food from 14 to 7 percent will go to the final global vote at the Ordinary Plenary Meeting of the National Assembly (AN) next Wednesday, November15, 2023.

The decision came out on Thursday from the Conference of Parliamentary Leaders, chaired by the National Assembly Speaker, Carolina Cerqueira.

The Legislative initiative of the President of the Republic, as Head of the Executive Power, aims to adapt it to the reality of the current economic and social context of the country to the economic and financial challenges faced by families and companies.

The Act aims, among other aspects, to reduce from 14 to 7 percent the VAT rate on most consumed food products, with the exception of the province of Cabinda, which will have a single VAT rate of around 1%, taking into account the Special Regime in force in that region.

The Draft Law also aims to introduce a set of procedures to provide greater flexibility, efficiency and fairness to the tax, within the scope of the process of assessment, declaration, payment and refund of VAT credits.

The discussion on the specifics of the document had been suspended due to lack of consensus, with the opposition defending a zero rate for all products in the basic basket.

Under this draft law, special treatment is given to the province of Cabinda because of geographical discontinuity, with a rate of 1 percent for VAT.

Quarterly Financial Execution Balance Sheet Reports of the State Budget

According to the first secretary of the Parliament's Bureau, Manuel Lopes Dembo, the 2nd Ordinary Plenary Meeting of the AN will also discuss and vote on four quarterly financial execution balance sheet reports of the State Budget for the financial years 2022 and 2023. DC/VIC/ADR/TED/DOJ

Read the original article on ANGOP.

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