The Private Investment Law, which aims to adapt the system of tax benefits to the current economic dynamics of Angola, was approved Wednesday in Luanda by the Angolan Parliament, Angolan news agency Angop reported Thursday.
The draft law, which was presented by the Minister of Economy, Abraão Gourgel, also aims to reduce bureaucracy in the investment approval procedure.
According to Gourgel, the law establishes the general basis for private investment in Angola and defines the principles and the rules for access to incentives and other facilities to be granted by the State for this kind of investment.
The benefits and incentives, he said, apply to foreign investments, whose total is less than 100 million kwanzas, and internal investments, equal to or greater than 50 million.
This draft law, he said, is to establish the general basis of private investment in Angola, including within special economic zones, free trade zones, development areas and other areas subject to specific regulations, defining access to incentive schemes.
Gourgel also stressed that the law was coordinated with the National Development Plan, in order to increase the volume of both foreign and domestic private investment. (macauhub/AO)