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Thu, 21 May 2020 14:58 - Updated Thu, 21 May 2020 15:05

Parliament passes tax package on global basis

Luanda - National Assembly Thursday approved, as a whole, the law that changes the codes of Labour Income and Industrial Tax.

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Finance minister, Vera Daves

Photo: Clemente dos Santos

MPs approve tax package

Photo: Clemente dos Santos

The Law amending the Income Tax on Work (IRT), which has as its core the exemption of workers with wages below 70,000 kwanzas, had the consent of 124 votes in favor, 46 against (all from opposition UNITA) and seven abstentions.

The Law amending the Industrial Income Code was approved unanimously by the 200 parliamentarians present.

In the Proposed Code of Labour Income (IRT), the Executive intends to increase the linear exemption for lower income, to generate greater financial availability and greater purchasing power for families.

It also intends to keep the tax burden on middle income unchanged and to include progressivity in higher income.

In relation to Industrial 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).

Speaking to the press about the approval of these diplomas, the minister of Finance, Vera Daves, stated that the Executive should be able to boost economic activity through the collection of revenues, increasing tax revenue.

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