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Fri, 25 Jan 2019 09:54 - Updated Fri, 25 Jan 2019 09:54

Angola eliminates double taxation with Portugal and China

Luanda - The Angolan Parliament unanimously approved last Thursday the draft-resolutions on the elimination of double taxation and prevention of tax evasion of income taxes with Portugal, China and the United Arab Emirates.

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MPs pass end of double taxation with Portugal and China

Photo: ANGOP

The legal instruments establish a global legal regime for the prevention and elimination of international double taxation for the same income, the effects of which are detrimental to trade in goods and services as well as to the movement of capital and persons.

The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the agreements will allow increased direct investment in the country, transfer of knowledge and skills, infrastructure construction and job growth.

The agreements, in addition to respecting international standards, will help signatory states to better develop economic, financial and business issues, the source said.

During the ordinary plenary session on Thursday, MPs also unanimously approved the draft-resolution on the 4th Amendment to the Convention on the Coverage of Credit Risks for the Exportation of Goods and Services of Portuguese Origin to Angola, with a view to simplifying the negotiations of future financing.

The Secretary of State for Cooperation, Domingos Vieira Lopes, informed that the addition to the agreement provides solutions that are very advantageous for both parties and will allow the deepening of trade and the improvement of economic relations with the mentioned countries.

The addition proposes to change the extension of the maximum limit for the coverage of credits, currently set at EUR 1 billion, to EUR 3 billion.

The coverage will include not only bank financing, but also credit guarantees or insurance for financing granted by other financial institutions to the Republic of Angola, as well as ten-year credit terms, contrary to the seven years in force.

The Angolan State signed with the Portuguese Republic in November 2004 a Convention on the Coverage of Credits Risks for the Exportation of Goods of Portuguese Origin to Angola.

The treaty was the subject of three amendments in 2006, 2008 and 2009.

Under the terms of the Convention Portugal undertakes to cover the risks of credits granted for the export of goods and services originating in Portugal and destined for the Republic of Angola through the Credit Insurance Company (COSEC).

Tags Angola   Parlamento  

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