The Angolan General Tax Administration (AGT) is finalising details of Value Added Tax (VAT or VA in Portuguese) can be introduced on 1 July, said the coordinator of the group for the application of this tax.
Adilson Sequeira, quoted by Angolan state news agency Angop, also said that the AGT has already trained the staff who will work and inspect the new tax that has already been approved by the National Assembly and published in the Diário da República gazette.
Angola is the only member of the Southern African Development Community (SADC) that has not yet introduced VAT, with a target of a 14% single rate set by the government to respect the agreement ratified at a regional level, according to which, the VAT code cannot set VAT at less than 10%.
IVA will initially cover large taxpayers totalling 410 companies, which are bound by the provisions of the general scheme, as stated in Law 7/19 of 24 April approving the VAT Code.
Adilson Sequeira said that those who do not sign up to the tax will be in a transitional phase for two years (2019 and 2020) and will pay a simplified VAT, without the requirements of the general regime, provided that it has turnover or import operations exceeding the kwanza equivalent of US$250,000. (Macauhub)