Government announces new tax incentives for emigrants

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Government announces new tax incentives for emigrants
Government announces new tax incentives for emigrants

Africa-Press – Cape verde. The Government of Cape Verde, through the Ministry of Finance and Business Development, announced, this Thursday, 11, the reinforcement of the existing framework of incentives for emigrants and the creation of new mechanisms. Among the new measures is the exemption from customs duties on the importation of personal goods and equipment, including a car, on the definitive return to Cape Verde.

The announcement was made as part of a meeting this Thursday morning between the deputy prime minister, Olavo Correia, and emigrants from the municipality of São Miguel, in the interior of Santiago, to present investment opportunities on the island.

Among the “special incentives” announced by the executive is the exemption from taxation of dividends and profits distributed to investors, a single tax at the rate of 10% in the post-exemption period and exemption from taxes on materials for construction or requalification of the first home.

Exemption

The emigrant investor also enjoys the right to import goods, materials and furniture from the country of legal residence, under the terms of the Tax Benefits Code (CBF) and exemption from taxation of interest on term deposits.

Other incentives include exemption from customs duties on the importation of personal goods and equipment, including a car, upon definitive return to Cape Verde.

Current incentives

The Government recalls, in the same vein, that the current framework of incentives for emigrant communities provides for a 5% rate of customs duties, exemption from customs duties on imports of raw materials and subsidiaries, tax credit of 30 to 40% for relevant investments. actually performed and exemption from stamp duty (IS).

Also, that emigrants are exempt from property tax (IUP) on the acquisition of real estate, they have access to incentives under the Differentiated Merit Project and projects with an Investor Certificate or Emigrant Card. Who can benefit from the Establishment Convention.

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