The new law on private investment in Angola reduces the tax burden on projects

21 May 2018

The reduction of tax rates to be applied to projects is one of the main benefits that Angolan and foreign investors will have with the entry into force of the new wording of the Private Investment Law, unanimously approved on Thursday by members of the Angolan parliament, Angolan news agency Angop reported.

The Law divides the country into four zones (A, B, C and D) and prioritises investments primarily in the education, vocational training, higher education, scientific research and innovation sectors, followed by agriculture and agro-industry, in third place are specialised health units and services and fourth to reforestation, industrial processing of forest resources and forestry.

The textile, clothing and footwear industry comes next, construction, public works, telecommunications and information technology, airport and railway infrastructures in sixth place, production and distribution of energy in seventh place on the list of priorities, hotels, tourism and leisure. electricity in eighth and ninth place is given to basic sanitation, collection and treatment of solid waste.

The Law also outlines the prior notice regime, which involves presenting the investment proposal to public administration, for registration and attribution of benefits provided by Law.

The law requires private investors to employ Angolan workers, providing them with the necessary professional training, in addition to a salary and social benefits in line with their qualifications, and any kind of discrimination is prohibited. (macauhub)