- The Special Tax Regime is aimed at rolling out tax incentives for investors in the affected region.
Cabinda Province Angola has joined the advocacy to make the country more economically viable, through a renewed focus on ensuring that taxation plays a key role in revamping the economic possibilities of the Southern African region country by introducing a special tax regime in the province.
This latest development in the Angolan tax administration was recently implemented by a joint session of the deputies of the National Assembly in unanimous approval of the Draft Legislative Authorisation Law which captured the Special Tax Regime for the Cabinda Province.
Cabinda Province Angola: What The Special Tax Regime is all About
The core goal of the Special Tax Regime is to offer tax incentives to investors in the region of Cabinda and the nation at large. This incentive will be driven by a deliberate deduction of the Value Added Tax (VAT).
Also, Cabinda with a population of 739,182 as of 2020 will afford companies in the region to enjoy more fiscal perks than businesses in other regions of the country.
Technically speaking, what the Special Tax Regime does is replace the current customs, port and goods transfer regime actively implemented in the region with a more streamlined approach that reflects the need to make the administration more flexible.
The decision to opt for the Special Tax Regime is coming on the heels of the fact that the former only contemplates customs, port and Value Added Tax (VAT) matters.
More Prospects for Angola’s Special Tax Regime
The legislative arm of government in Angola and other key stakeholders reiterates that the Special Tax Regime among others will improve the internal taxation regime.
It is also expected that the legislation will expand the scope of products that may benefit from the administration especially when it has to do with the Customs Authority and services touching on the Value Added Tax, VAT.
Other Updates that May Interest You
- Gaming Tax In Tanzania: Country to curb Gambling Addiction With Taxation
- Tax hikes In South Africa to Fund BIG Will Invite Consequences – Intellidex
Follow us on Twitter for more update
DISCLAIMER
The information contained herein is general and is not intended, and should not be taken, as legal, accounting or tax advice provided by Taxmobile.Online Inc to the reader. This information remains strictly the opinion of Taxmobile.Online Inc.
The reader also is cautioned that this material may not apply to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of other tax factors if any action is to be contemplated. The reader should contact his or her Tax Advisers before taking any action based on this information.
All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Taxmobile.Online Inc.