Sat, 25 Apr 2020 12:48 - Updated Sat, 25 Apr 2020 12:49
National Assembly approves draft laws amending Tax Code
Luanda - The National Assembly approved last Friday, in general terms, draft-laws that amend the General Tax Code, Income Tax Code and the Corporation Tax Code.
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MPs approve draft laws amending Tax Code.
Photo: Francisco Miúdo
The three draft laws are part of a broader strategy for modernizing and adjusting the country's tax system, Finance minister Vera Daves said to MPs in the National Assembly (Angolan parliament).
The minister explained that the approval of these diplomas basically aims to level up the tax burden of taxpayers in view of the country's socio-economic context, rationalize the tax policy, based on a shared effort between the state, families and taxpayers, as well as improve the business environment.
In the proposed Code of Labor Income, the Executive intends to increase the linear income tax exemption to generate greater financial availability and greater purchasing power for families.
The government also intends to keep the tax burden on middle income unchanged and increase it in higher earnings.
The diploma does not change the tax groups of Labour Income taxpayers, maintaining the current three, namely A, B and C.
As example, Group A is for those working for an employer and Group B is for self-employed and those in liberal professions, while Group C rules are applied to natural persons who are involved in the group of activities set out in the Table of Minimum Profits, now part of the Income Tax Code.
In the General Tax Code Draft, the Executive proposes, as an amendment, the extension of the deadlines of the taxation procedure, going from 15 to 30 days and from 45 to 50 days, both for taxpayers and for the General Tax Administration (AGT).
As regards the Corporation Tax, the Executive proposes the elimination of the "A" and "B" tax groups and the creation of two regimes, namely a general and a simplified one in line with the rules of the Value Added Tax (VAT).
The three bills will now be the subject of discussion in the specialized commissions of the National Assembly.
In light of the Constitution, fiscal matters, in terms of legislative production, are the absolute competence of the National Assembly.
Package for Locally Elected (Municipal) Governments
At the plenary meeting, which was held by video conference, under the guidance of the Speaker of the National Assembly, Fernando da Piedade Dias dos Santos, the legislators also voted unanimously, in general terms, the Draft Law on the General Regime of Inter-Mayorship Cooperation, which was a legislative initiative of the government.
Inter-Mayorship Cooperation is considered to be the various collaboration schemes between two or more town councils with a view to carrying out tasks of common interest.
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