The Industrial Tax burdens on companies operating in Angola will be reduced by five percentage points to 30 percent from 2015, said the deputy director of the Tax Reform Technical Unit, Gilberto Luther.
Approved in June by the National Assembly and published on 24 October, the new Industrial Tax code is part of a legislative package that includes the Tax Enforcement Code, the Income Tax Code and the General Tax Code.
Cited by daily newspaper Jornal de Angola, Gilberto Luther said the reduction in the Industrial Tax rate will promote the competitiveness of Angolan companies and make Angola a more attractive country for foreign direct investment.
From 2015, sole traders will no longer be subject to the payment of industrial tax and and will be subject to income tax, which means that industrial tax will exclusively target companies
As of next year the State will also have more efficient instruments for coercive collection of taxes, as part of the new Tax Enforcement Code.
Under that code, the State will be able to seize bank accounts, wages, debts, income, real estate, furniture and other assets of taxpayers who evade taxes. (macauhub/AO)