Portuguese PM announces end of double taxation of profits from Lusophone Africa

4 October 2006

Lisbon, Portugal, 04 Oct – Prime Minister Jose Socrates has announced the ending of double taxation on profits of firms from Portugal obtained in Portuguese-speaking African countries and the measure will by implemented in next year’s state budget.

Socrates was addressing a meeting Monday of around 60 Portuguese business leaders who accompanied him on an official Angolan visit earlier this year.

The move is in response to long-running demands to the Portuguese government, particularly from businessmen operating in Angola.

Socrates told his audience of Portuguese entrepreneurs that Lisbon’s “public works for oil” program has been created to boost investors’ confidence in Angola, with a euros 500 million risk fund to compensate firms for non-payment for post-war rebuilding projects in Angola.

In such cases, the Lisbon Treasury will be reimbursed by oil shipments by Luanda, the Portuguese leader explained. (macauhub)