Angola: Official Highlights Repatriation of Profits On Private Investment

Luanda – Angola’s minister of Economy AbrahAPound o Gourgel stressed the fact of the new private investment law in force to regulate the repatriation of profits and dividends, which was less clear in the previous bill.

The minister was speaking at a seminar on compatibility system between public and private investment.

He said that the regulation of repatriation has prevented, at the end of one or two years of activity, the foreign investors from repatriating amounts of capital that were not in line with the activity they developed.

Speaking of the new law on private investment, the official highlighted the reduction of bureaucracy, the cost of the presentation process, the instruction and approval of private investment in order to prioritise the partnerships with domestic investors in foreign investment.

Another aspect of the new law is the increased involvement of government departments, since everything had been concentrated on the Private Investment Agency, he said.

The minister also mentioned the distinction of the value of internal foreign investment as the main element of the new private investment law.

“Domestic investment corresponds to a total amount equal or higher than 50 million kwanzas.

As for the application of incentives and benefits in the investment, the minister said that the foreign investment only benefits from incentives from one million dollars.

Whereas, the domestic investment benefits from incentives starting from the equivalent of USD 500,000.

SOURCE: Angola Press