Defining objective criteria for providing tax incentives in Angola should be the focus of studies that need to be carried out urgently, the Angolan Secretary of State for Finance, Valentina Filipe said Tuesday in Luanda.
“We have to ensure that the tax revenues lost are effectively offset by the economic and social impact of the projects carried out by the entities to which such tax privileges are offered,” noted the Secretary of State at an international tax conference.
According to Filipe, the studies that are to be carried out are intended to ensure that the legal framework that is in place is restricted to a number of incentives to develop economic sectors that are of interest to the country. The aim is continually to reduce regional economic imbalances, drive business and employment and increase State revenues in the medium and long term,” she said.
The Secretary of State said she hoped that the focus of the studies would extend beyond tax incentives to other criteria that are decisive for economic growth and development, namely reviews of taxes and other charges, which is expected to reduce informal trade.
Cited by Angolan news agency Angop, Filipe said that the success of the activities she described should be based on a fair and effective taxation system, with clear and stable rules that give investors a feeling of long term stability.
Specialists from the United States, Brazil, Norway and China are taking part in the international tax conference focused on “Effectiveness of stimulus packages for economic development, the issue of tax exemptions.” (macauhub)