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Wed, 15 Aug 2018 11:32 - Updated Wed, 15 Aug 2018 11:32

VAT is based on best tax practices - Official

Menongue - The renewal of the Value Added Tax (VAT) is based on the best tax practices, said last Tuesday in Menongue, southern Cuando Cubango province acting Governor, Bento Francisco Xavier.

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Cuando Cubango: Bento Francisco Xavier - Acting Governor

Photo: Armândio Morais

The minister, who was speaking at the public consultation session of the project proposal - Law on the Code of Value Added Tax to economic agents, academics, among others, said that VAT is based on the best tax practices experienced by many countries.

He argued that it is necessary to adopt Value Added Tax in the Oil Industry since it is an intensive capital sector, guarantees and safeguards the stability and economic viability of investments at that stage.

The tax, which comes into force next year (2019), aims to consolidate the foundations for development, confidence-building, economic growth and social inclusion.

"The government intends to adjust the national tax system, with the adoption of fiscal legislation to the new economic and social reality of the country, to boost non-oil tax revenue, as well as to combat fraud and tax evasion, guaranteeing greater tax justice "He added.

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