New law on investment in Angola requires case-by-case negotiation of tax breaks and incentives

7 June 2011

Luanda, Angola, 7 June – Tax breaks and incentives included in Angola’s new investment law will be negotiated on a case-by-case basis with potential investors, the coordinator of the Restructuring Commission of the National Private Investment Agency (ANIP) said Friday in Luanda.

Aguinaldo Jaime noted, however, that the negotiations would be based on a number of factors that are outlined in the law and thus there would be no danger of discretionary decisions made by the government.

“The process is not entirely discretionary, there are factors that will focus the attribution of incentives, such as the amount of investment and jobs created, the amount of goods to be produced, the possibility of the project generating exports to other markets and the type of technology to be employed,” said Jaime at a meeting with businesspeople, bankers, customs representatives and architects.

“The incentives and breaks will be reached based on the real impact of the project on the economy and will not be automatic as has so far been the case,” he said.

The transfer of dividends will depend on the amount of investment, thus the bigger the investment the greater the possibility of transferring dividends.

He also noted that the more remote the area where the investment is applied the more favourably it would be treated as it would deal with regional development imbalances across the country. (macauhub)