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Lusa - Business News - Angola: Country collects almost €5B in tax revenue up to April




Luanda, May 14, 2019 (Lusa) - Angola has collected 1.8 billion kwanzas (€4.9 billion) in tax revenue up to April this year, a 34% increase when compared to the same period in 2018, an official source said on Tuesday.
The head of Angola’s General Tax Administration Sílvio Burity revealed this figure at the opening of a seminar on the new value-added tax (VAT), explaining that a reform of the tax system was underway, and the process included changes in legislation and the rehabilitation of infrastructure.
He pointed out that in the context of Angola's economic and financial crisis, which the country has been facing for over four years, introducing VAT was part of the country's budgetary policy and economic development plans.
The aim, he said, was a "broadening of the tax source, attracting investment and eliminating harmful double taxation in excise duties."
Burity also recalled that Angola was one of the eight countries in the African continent and the only country in the Community of West African States that did not have VAT in force.
"The current macroeconomic context and the international experiences recommend the substitution of consumption tax with a kind of tax like VAT, which is neutral, without cascading effects and based on good tax practises, enabling the deduction of VAT and its redemption in cases of fiscal credits," he said.
He cited the International Monetary Fund which said that Angola would see "huge advantages" following the implementation of a VAT system because it could benefit from experiences in other countries, avoiding future errors or mistakes.
Angola is getting ready to introduce VAT in July, having defined a single rate of 14% to substitute the current consumption tax of 10%.

NME/MWYP // AIYA
Lusa

Agency : LUSA

Date : 2019-05-15 10:32:04







 

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