New Buildings Tax Code in Angola reduces taxes on property

31 May 2011

Luanda, Angola, 31 May – Angola’s new Buildings Tax code has simplified the tax system and reduced taxation on property and income from property, Finance minister, Carlos Alberto Lopes said in Luanda Monday.

In a speech at the opening of the 1st training seminar on “Changes to the Urban Buildings Tax” (IPU) and Simplified Regime of Tax Execution (RSEF), the minister said that the tax on rents had been reduced from 30 to 20 percent, in order to promote the real estate market.

He added that tax breaks for costs related to property had been increased from 20 to 40 percent in order to promote investment in recovery of Angolan urbanism.

According to Lopes, obstacles to buying homes had been broken down, with reduced taxes on the purchase and sale of real estate.

According to the minister people on lower incomes are being safeguarded with these changes as cheaper property has lower taxation and tax is now only charged on property worth over 5 million kwanzas. (macauhub)