Africa-Press – Angola. The Council of Ministers assessed, this Wednesday, the bill that amends and republishes the Value Added Tax (VAT) Code, a diploma that is now before the National Assembly for debate and approval.
Among the amendments to the diploma is the reduction of the VAT rate on food, until now taxed at 14 percent, to seven percent, according to the communiqué of the session led by the President of the Republic João Lourenço.
The diploma includes amendments relating to the broadening of the scope of application of the simplified regime to cover exempt operations and eliminate the application of seven percent of Stamp Duty, as well as the clarification of some exemptions.
These include, among other aspects, exemptions relating to medical goods, books, assimilated operations, the special customs regime and those resulting from international agreements.
The Angolan Executive considered, also for submission to the National Assembly, the law that establishes the legal regime applicable to the mining of cryptocurrencies and other virtual assets, throughout the national territory.
The assessment of the aforementioned legal regime aims to ensure an environment of legal certainty and security, in line with international standards, in the context of the prevention, mitigation and repression of practices associated with crimes.
Specifically, the document refers to the prevention, mitigation and repression of practices associated with crimes against the environment, national energy security, money laundering and terrorist financing.
The intention is, among others, to limit the circulation of virtual currencies not issued by central banks, as well as to prohibit cryptocurrency mining activities.
During the 6th Ordinary Meeting of the Council of Ministers, a bill was also considered that authorizes the President of the Republic, as holder of the Executive Power, to create a Mandatory Social Protection System for the State Information and Security Service , taking into account its specificity.
The document in question also goes to the National Assembly, for debate and approval.
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