Angola: Employers want lower company taxes

11 March 2008

Luanda, Angola, 11 March – Angola’s corporation tax should be lowered from the current 35 percent to 15 percent to allow firms to invest more in order to create jobs and wealth, the head of the country’s AIA industrial association, José Severino, said Monday.

Speaking to state news agency Angop about a draft bill on tariffs, Severino said Angola’s taxation system is in urgent need of revision. The country’s businesses need to be rapidly “capitalized”, otherwise “they will not manage to do anything.”

Angola’s rapidly growing economy “needs a new taxation policy and granting of credit, as banks should look more to the country’s interior to help the productive sector develop,” the AIA chief said.

It is also vital for Angola to increase its non-oil sector GDP to create more employment and bring more people into the labor market, he added. (macauhub)