{"id":39877,"date":"2023-07-17T17:21:29","date_gmt":"2023-07-17T17:21:29","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/?p=39877"},"modified":"2023-07-17T17:15:38","modified_gmt":"2023-07-17T17:15:38","slug":"announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week","title":{"rendered":"Announcement of VAT reduction on foodstuffs among the highlights of the week"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>The announcement made by the Angolan Government about the reduction of Value Added Tax (VAT) from 14 to 7% on food goods, starting in January 2024, is one of the highlights of press’s economic area, in the week, Saturday, ends.<\/b><\/p>\n

The novelty, announced at a press conference, will join other measures related to the increase in national production, through financial support for production, tax simplification and improvement of the business environment, according to the Minister of State for Economic Coordination, Jose de Lima Massano.<\/p>\n

VAT was implemented for the first time on 1 July 2019, with an initial and single rate of 14 percent, for all imports of goods and large taxpayers with revenues in excess of 15 million kwanzas, as well as public companies of large dimension and banking financial institutions.<\/p>\n

Another highlight of the economic week was the Government’s guarantee that the country has money to pay salaries and other strategic expenses by the end of the current year.<\/p>\n

According to the Secretary of State for Finance and Treasury, Ottoniel dos Santos, in addition to salary expenses, there are conditions for paying public debt service and other essentials such as health and education (scholarship holders).<\/p>\n

Regarding the General State Budget, the leader said that the OGE\/2023 is based on the price of a barrel of oil at US$75, in a production of 1.18 million barrels\/day and an execution of 20 billion kwanzas.<\/p>\n

According to Ottoniel dos Santos, it was realized in the first half of this year, during the execution of the OGE, that a deficit balance and a budget deficit of around 7.4 billion kwanzas had been generated.<\/p>\n

In the field of monetary policy, reference should be made to Net International Reserves (NIR), which stood at USD 13.68 billion at the end of June, representing a reduction of around USD 1 billion. dollars, compared to the month of May.<\/p>\n

According to the Governor of the National Bank of Angola (BNA), Manuel Tiago Dias, who was speaking within the framework of the 112th ordinary meeting of the Monetary Policy Committee (CPM), the value of NIR recorded last June had a degree of coverage of six months of importation of goods and services.<\/p>\n

As for the Monetary Policy Committee (CPM) meeting, the Central Bank manager said that this body decided to keep the basic interest rate unchanged at 17 percent, while the rate for the permanent liquidity facility increased from 17 percent to 17 percent. .5%.<\/p>\n

The CPM also maintained the permanent liquidity absorption facility rate at 13.5%.<\/p>\n

In the productive sector, the highlights were the 60,000 tonnes of white sugar and 11 million liters of ethanol made available to the national market by the Companhia de Bioenergia de Angola (BIOCOM), to meet the needs of the population.<\/p>\n

Called \u201cAc\u0327u\u0301car Kapanda\u201d, the product has been marketed throughout the country, supplying 40 percent of Angola’s sugar consumption.<\/p>\n

Another news event worth mentioning was the guarantee that Angola has all the logistical and human conditions to carry out the Pilot Census, starting on the 19th of this month, in 14 communes in seven provinces of the country, within a period of 30 days.<\/p>\n

The guarantee was given by the spokesperson for the Multisectoral Commission for the Support of the 2024 Census, Hernany Pena Lui\u0301s, at the end of the seventh ordinary meeting of this Commission.<\/p>\n

According to the spokesperson, all conditions are prepared for the start of the Pilot Census on the scheduled date, a process that will cover the communes of the provinces of Cunene, Bie\u0301, Ui\u0301ge, Bengo, Cuando Cubango, Lunda-Norte and Luanda.<\/p>\n

Also during the week about to end, the Angolan Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, said in Kinshasa, Democratic Republic of Congo (DRC), that the protocol signed with this neighboring country reiterates the common understanding for exploration and oil production.<\/p>\n

The minister, who was speaking within the framework of the agreement signed between Angola and the DRC on the Common Interest Zone (ZIC), referred that the protocol will equally benefit both countries.<\/p>\n

He made it known that the negotiations, which began in 2020, had been resumed, and resulted in the signing of the agreement for the governance and management of the maritime area of \u200b\u200bcommon interest, after the production sharing contract model was initialed in June this year, in Luanda , with the main terms to be negotiated with the operators.<\/p>\n

After 20 years since the signing of the first memorandum, he pointed out that the two countries must be quick in implementing the agreements reached, as the energy transition, underway globally, is beginning to pose some challenges to the oil industry.<\/p>\n

Another matter addressed was that the ability to monitor and collect oil spill alerts in the Angolan sea, in real time, regulated and supervised by the National Oil and Gas Agency (ANPG), which is now being reinforced through the technological solution ” Tech-Ecology\u201d.<\/p>\n

According to a press release, Tech-Ecology allows daily, weekly or on-demand monitoring of a given oil block, providing monitoring reports of oil spills at sea via online.<\/p>\n

Another highlighted article throughout the week was that Gemcorp Holdings Limited (GHL), the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) announced the conclusion of the financial package for the construction of the Cabinda Refinery , a project valued at US$473 million.<\/p>\n

The total amount made available, 335 million dollars, was provided by a banking syndicate led by the AFC, Afreximbank and a group of international and local financial institutions, in the form of \u201cproject financing\u201d.<\/p>\n

It was also highlighted that the assembly or manufacture of machines aimed at exploiting mineral resources in Angola is of paramount importance for the development of the mining sector in the country.<\/p>\n

The consideration was made by the senior technician of the National Directorate of Mineral Resources, Assureira Manuel, during the first exhibition of machines in the mining and civil construction sector, underlining that the sector is well served in terms of equipment, but it would be an asset if machinery is assembled or manufactured locally.<\/p>\n

This week it was reported that the National Consumer Price Index (IPCN) recorded a variation of 1.41% from May to June 2023, according to the National Statistics Institute (INE).<\/p>\n

According to the Quick Information Sheet (FIR) of the National Consumer Price Index (IPCN), when comparing monthly variations (May to June 2023), inflation registers an acceleration of 0.46 percentage points.<\/p>\n

As for the Wholesale Price Index (IPG), in the country, it rose to 1.66 percent from May to June this year, an increase of 0.40% compared to the previous period and 0.51 percentage points lower compared to the same period of the year 2022.<\/p>\n

According to the National Institute of Statistics (INE), the year-on-year change in June stood at 15.58%, registering a decrease of 11.64 percentage points in relation to that observed in the same period of the previous year.<\/p>\n

According to the document, the trend of year-on-year variation in the last three years until March is increasing, reversing its direction from April 2022.<\/p>\n

It should also be noted that the Chairman of the Management Board of Sociedade Mineira de Catoca, Benedito Paulo Manuel, was distinguished at the “African Business Leadership Awards-2023”, during the eighth edition of the “Africa Summit”, held in London, England.<\/p>\n

The Angolan manager was awarded for the work he has been developing at the head of the largest Angolan mining company, facing all the challenges imposed by the various contexts and thus guaranteeing the smooth functioning of the organization, with benefits for employees and the country.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. The announcement made by the Angolan Government about the reduction of Value Added Tax (VAT) from 14 to 7% on food goods, starting in January 2024, is one of the highlights of press’s economic area, in the week, Saturday, ends. The novelty, announced at a press conference, will join other measures related […]<\/p>\n","protected":false},"author":84,"featured_media":39876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[233,337,329],"class_list":["post-39877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nAnnouncement of VAT reduction on foodstuffs among the highlights of the week - Angola<\/title>\n<meta name=\"description\" content=\"The announcement made by the Angolan Government about the reduction of Value Added Tax (VAT) from 14 to 7% on food go ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Announcement of VAT reduction on foodstuffs among the highlights of the week\" \/>\n<meta property=\"og:description\" content=\"The announcement made by the Angolan Government about the reduction of Value Added Tax (VAT) from 14 to 7% on food go ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week\" \/>\n<meta property=\"og:site_name\" content=\"Angola\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-17T17:21:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2023\/07\/sm_1689597349.813155.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Announcement of VAT reduction on foodstuffs among the highlights of the week\",\"datePublished\":\"2023-07-17T17:21:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week\"},\"wordCount\":1243,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2023\/07\/sm_1689597349.813155.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Angola\",\"Angola\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week\",\"url\":\"https:\/\/www.africa-press.net\/angola\/all-news\/announcement-of-vat-reduction-on-foodstuffs-among-the-highlights-of-the-week\",\"name\":\"Announcement of VAT reduction on foodstuffs among the highlights of the week - 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