Cape Verde government to approve new Tax Benefit Code

15 February 2012

Praia, Cape Verde, 15 Feb – The Cape Verdean government plans soon to approve a new Tax Benefit Code in order to make the country more attractive to investment, the Minister for Tourism, Industry and Energy, Humberto Brito said in Praia Tuesday.

The minister said that the new code outlined the rationalisation of all incentives, tying benefits to strategic areas for the country’s development whilst also offering benefits to investments overall provided that the offer value to the Cape Verdean economy.

The minister noted that Cape Verde offered a lot of tax benefits but the companies have not always been capable of making use of them.

He said, on the other hand, that not all tax incentives in Cape Verde could be made use of considering its stage of development and the current international context.

The minister also noted that the Council of Ministers had recently approved the New Investment Code which “puts forward a number of improvements in relation to the current Investment Law.”

“It eliminates discrimination between foreign and national investors, placing everyone on an equal footing, sets up conditions for investments to be made and, once they have been made, for their promoters to take advantage of a number of benefits,” he said. (macauhub)