Luanda, Angola, 20 April – The Angolan parliament Tuesday approved by a majority a new Private Investment Law, which has set US$1 million as the new minimum figure for private investment in the country, whether internal or external.

The classification was necessary so that investors could benefit from dividend transfers and tax incentives, the management of which is no longer in the hands of the National Agency for Private Investment and is now the responsibility of the Finance Ministry.

The law also aims to harmonise the issue of tax and customs incentives for private investment with reforms to taxation levels of stamp duties, urban property, industrial, consumer and other taxes.

According to Angolan news agency Angop, approval of the new Law aims to ensure that the private investment process is speeded up, doing away with redundant stages and thus reducing bureaucracy. (macauhub)