Africa-Press – Angola. The proposal for the Corporate Income Tax code (IRPC) is now available for public consultation, with a view to collecting contributions and analyzing this document more comprehensively.
According to the General Tax Administration (AGT), making the respective proposal available also aims to stimulate public debate and collect subsidies that contribute to the presentation of a law corresponding to the intentions of the Angolan Executive and its national and international social partners.
The IRPC, which is based on reducing technical complexity and unifying declaratory procedures, will be available for public consultation until January 31, 2024, on the AGT and Ministry of Finance websites, via www.agt.minfin .gov.ao and www.minfin.gov.ao , respectively .
Citizens can send their contributions to the email [email protected] .
For the success of the public consultation, AGT calls for the maximum participation of society, especially the academic community, business class and all professionals involved in tax and accounting activities related to the taxation of income in terms of Industrial taxes, on Investment of Capital and Property in the income aspect.
With a focus on implementing a simpler and more modern income taxation system, the IRPC is aimed at entities with legal personality that carry out commercial and industrial activities as their main activity, as well as covering entities without legal personality that carry out, in a sporadically or on an ancillary basis, acts of commerce, as is the case of condominiums and associations without legal personality.
The tax also covers non-resident entities with or without legal personality that obtain income in the country that is not attributable to a permanent establishment and is not subject to the personal taxation regime.
IRPC objectives
The Corporate Income Tax code aims, essentially, at the general reformulation of the taxation of income of legal entities and similar entities, as well as increasing the tax competitiveness of companies.
The objectives also include strengthening the business fabric, expanding the tax base, introducing greater tax justice and enhancing revenue collection levels.
Alignment with best international practices, the elimination of international double taxation, the promotion of a closer relationship between taxation and accounting, the reduction of tax evasion and fraud, as well as the introduction of standards on transfer pricing and groups of companies as well are part of the purposes of this tax.
For More News And Analysis About Angola Follow Africa-Press
