The new São Tomé and Príncipe Investor Code provides for exemption of tax on corporate income in specific cases, said Tuesday in Lisbon the Sao Tome Minister of the Presidency and Parliamentary Affairs.
Minister Afonso Varela, who was speaking on the sidelines of a seminar organised by the Business Association of São Tomé and Príncipe and law firm Miranda Correia Amendoeira & Associados, said the new Code includes a lower rate of corporate tax to between 15 and 20 percent.
“We are working on the development of an investors code where the investment opportunities are identified. In the tax area we will reduce the tax on business income, currently 25 percent to between 15 and 20 percent, but in specific sectors that rate will be much reduced or even zero,” said Varela, cited by Portuguese news agency Lusa.
In addition to lowering the tax rate, the minister said that the government of São Tomé and Príncipe plans to “strengthen the guarantees that are given in registering properties and reform of the courts.” (macauhub/ST)