Angola and Cabo Verde end double taxation and guarantee free movement of goods and capital

12 August 2019

The governments of Angola and Cabo Verde have signed three agreements to end double taxation and guarantee mutual administrative assistance in customs and tax matters, at a ceremony held in Luanda, according to official information.

The agreements, which also guarantee the free movement of goods and capital, were signed by the Angolan and Cabo Verde Finance Ministers, Archer Mangueira and Olavo Correia, respectively.

Minister Archer Mangueira said the agreements signed with Cabo Verde bring strategic advantages to Angola, where the elimination of double taxation will allow an increase in foreign investment, with repercussions on economic growth, knowledge and skills transfer, as well as on the construction of infrastructure and increased employment.

Archer Mangueira also said that with regard to mutual administrative assistance in customs and tax matters, the documents will promote trade facilitation and make it possible to fight illegal customs practices.

In his speech, Olavo Correia considered it important for politicians and leaders to create conditions for the free movement of goods, people and capital, specifically within the Community of Portuguese Speaking Countries (CPLP).

According to the Cape Verdean Deputy Prime Minister, with free circulation, there will also be growth and development of the country.

“The better the system, the better the business environment, the investment climate, and all the better for everyone,” said Olavo Correia, expressing a willingness to quickly update the two countries’ mutual protection agreement.

The Angolan finance minister recalled that during the visit to Angola by Olavo Correia in May 2019, a “memorandum of intent” was signed, which after three months led to the signing of the three agreements. (Macauhub)