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Thu, 23 Jul 2015 10:05 - Updated Thu, 23 Jul 2015 10:05

Parliament approves Law on Private Investment

Luanda - The Private Investment Law, which aims to adapt the system of tax benefits to the current economic dynamics of the country, was approved on Wednesday by the Angolan parliament, with 145 votes in favor, during the 10th plenary session, which did not count on the vote of the opposition.

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Deputados em votação na décima reunião plenária da Assembleia Nacional

Photo: Clemente dos Santos

The said draft law, which was presented by the Economy Minister, Abraão Gourgel, aims, equally, for less bureaucratic procedure for the admission of investment, constituting a strategic investment of the State, aimed for the socio-economic development of the country.

According to the Economy minister, the law establishes the general bases of private investment in Angola and defines the principles and the rules for accessing incentives and other facilities to be granted by the State to this kind of investment.

The benefits and incentives, he said, are applied to foreign investments, whose total amount corresponds to the value less than one hundred million kwanzas, and internal investments, equal to or greater than fifty million.

This draft law, he said, is to establish the general basis of private investment in Angola, including in special economic zones, free trade zones, development areas and other areas subject to specific regulations defining regimes of access to incentives.

On the other hand, the official stressed that the law is coordinated with the National Development Plan, aiming at increasing the volume of private investment from domestic and foreign origin.

"Thus, the Private Investment Law is a step forward in improving the business environment for investors in order to promote private investment", said the minister.

Given the need to attract more investments to the country, it became useful to change the existing legal regime in order to make it faster and more attractive, reducing as much as possible the still existing degree of subjectivity in the allocation of tax benefits by setting more objective, clearer and transparent criteria.

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