The Portuguese Parliament voted in favour of a proposed government resolution approving the agreement to eliminate double taxation with Angola, the Portuguese press reported on Friday.
The parliament unanimously approved an agreement between Portugal and Angola on mutual administrative assistance and co-operation in fiscal matters signed in Luanda on 18 September 2018 during a visit by Portuguese Prime Minister António Costa.
The Angolan and Portuguese governments are aiming to eliminate double taxation of pensions and incomes of companies and workers, according to the proposal approved by the Portuguese parliament and is due to be voted on in the Angolan National Assembly on Wednesday.
The document, a resolution approving the Convention on the Elimination of Double Taxation in Income Tax and Preventing Tax Fraud and Evasion between the Republics of Angola and Portugal, provides for an initial period of validity of eight years.
The proposal, which has already been discussed in detail in the National Assembly and will undergo a final vote, ahead of approval by the President of the Republic, João Lourenço, is intended to “develop economic relations and strengthen cooperation in tax matters” between the two countries.
The Convention will apply to income taxes levied on behalf of a Contracting State or its political or administrative subdivisions or local authorities, irrespective of the system used to collect them, according to the document approved in Lisbon.
The Convention “applies to persons residing in one or both of the Contracting States” and also applies to companies or subsidiaries that are active for more than half the year in the other country. (macauhub)