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NNA - Deir Kifa’s most spacious, ancient castle in South Lebanon beseeches government’s attention
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Lusa - Business News - Mozambique: Nationals trained on maritime signalling
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Lusa - Business News - Angola: Parliament approves 14% VAT starting in October




Luanda, Jul. 18, 2019 (Lusa) – Angola’s parliament on Thursday approved amending the Value Added Tax (VAT) law, which is to come into force in October this year.
A 14% VAT rate was scheduled for July, after being postponed in January, but company demands for effective organisation of technological and institutional infrastructures has led to the extension of the deadline until October.
In the debate on the draft law, most opposition MPs defended the implementation of VAT as of January 2020.
Angolan businessmen are completely squeezed and impoverished and Angolan citizens are increasingly impoverished by constant increases in prices of essential goods, opposition party UNITA said.
In the first 18 months of the new VAT tax, only large taxpayers and companies that opt to pay are included.
In the transition period, companies with an annual turnover higher than the equivalent of $250,000 (€222,000), will be taxed at 3% on their turnover.
Basic products, health and education, foreign currency imports by commercial banks, petrol and diesel are exempt from VAT, which replaces the Consumption Tax, which varies between 5% and 30%.
NME/IMYN // ADB.
Lusa

Agency : LUSA

Date : 2019-07-19 10:29:18







 

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