Luanda – National Assembly members approved Monday the joint report and the draft law amending to the Value Added Tax Code (VAT), with 24 votes in favour, seven abstentions and none against.
The MPs also approved the Legislative Authorisation Bill that authorises the President, as holder of the Executive Power, to legislate on the Legal Regime of Transit Activity, with 34 votes in favour, none against and no abstention.
The session also discussed and approved the joint opinion report on the Legislative Authorisation Bill to legislate on incentives to be attributed to the Block 20/11 concession area, having been approved with 32 votes in favour, none against and none abstention.
The proposal for a law amending the Value Added Tax (VAT) Code, on the initiative of the holder of the Executive Power, heads to the Plenary of the National Assembly on August 14, in Generality, in its 8th Ordinary Plenary Meeting of the 1st Legislative Session of the V Legislature.
In the proposal, adjustments were introduced, among which the reduction to seven percent of the VAT rate on food items hitherto taxed at 14 percent.
The document also provides for the broadening of the scope of application of the simplified regime to include exempt operations and scraps the application of seven percent of Stamp Duty, as well as the clarification of some exemptions referring to medical goods, books, similar operations, special regime customs and those resulting from international agreements.
Other adjustments made to the Value Added Tax (VAT) Code aim to provide greater flexibility, efficiency and fairness to this tax, both for taxpayers, in the process of liquidation, declaration, payment and reimbursement of VAT credits, and for the Administration Tax, within the scope of tax control and inspection. HEM/PPA/TED/NIC
