Africa-Press – Angola. The government will reduce, from January 2024, the Value Added Tax (VAT) from 14 to 7% on food goods, said this Friday in Luanda, the Minister of State for Economic Coordination , José de Lima Massano.
Speaking at a press conference, after the meeting of the Economic Commission of the Council of Ministers, the official made it known that there are other measures to increase national production, such as financial support for production, tax simplification and improvement of the business environment.
Still in relation to this matter, it foresees that the VAT applied on the importation of industrial equipment is paid in 12 monthly installments, that is, whoever imports equipment to support national production will have twelve months to pay the VAT instead of doing it in one single payment as has been happening.
VAT was implemented on July 1, 2019, with an initial and single rate of 14 percent also coming into force for the first time, as part of the comprehensive Tax Reform underway.
The VAT Code provided for a single rate of 14% for all imports of goods and for all large taxpayers with income in excess of 15 million kwanzas, as well as large public companies and banking financial institutions.
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