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Wed, 16 Jan 2019 10:23 - Updated Wed, 16 Jan 2019 10:22

Angola gears up to end double taxation with Portugal

Luanda - Angola’s National Assembly approved on Tuesday the joint opinion-reports and draft-resolution agreements to put an end to double taxation and prevent tax evasion with Portugal, China and United Arab Emirates.

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Angolan National Assembly (Parliament)

Photo: Pedro parente

The legal tools approved by the National Assembly’s specialized commissions establish a worldwide juridical regime to prevent or eliminate double taxation.  

The said document was approved by the commissions for Economy and Finances, Constitutional and Juridical Matters, Foreign Affairs, International Cooperation and Angolan Communities Abroad.

According to the secretary of State for Cooperation, Domingos Vieira Lopes, the agreements will enable the boosting of investments in various sectors in Angola, in the ambit of the African country’s economic diversification process.

The specialized commissions also approved the Fourth Addition of the Convention Relative to Coverage of Credit Risks for Services and Goods Imported from Portugal to Angola, with a view to simplifying negotiations for future financing.

The Addition is aimed at extending the maximum limit for credit coverage, which is to go up from the current 1 billion Euros to 3 billion Euros.

The agreement also embodies the expansion of the coverage, which includes banking financing, guarantee of credits or financial insurance granted to Angola by other financial institutions as well as the credit deadline, which goes up from the current seven to ten years.

Angola and Portugal signed last November a Convention Relative to Coverage of Credit Risks for Services and Goods Importation from Portugal to Angola.  

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