Angola, Portugal sign end to double taxation

Luanda – The Angolan and Portuguese Governments signed a convention on Tuesday in Luanda to end double taxation on income taxes and prevent fraud and tax evasion between the two countries.

The document signed during the official visit of the Portuguese Government’s leader to Angola aims to contribute to the tax relief of Angolan investment in Portugal and Portuguese investment in Angola.

Under the agreement, signed by the Angolan Finance Minister Archer Mangueira and Portuguese Deputy Secretary of Finance, Ricardo Mourinho Felix, is fostering the internationalization and rapprochement between the companies of both countries.

In the same context, a memorandum was signed in the presence of President JoAPound o Lourenco and the Prime Minister, Antonio Costa, for the beginning of a debt settlement process for Portuguese companies.

The overall amount of this debt is estimated at between EUR 400 and 500 million.

Among the companies with late payments are firms from the branches of public works and civil construction.

The Angolan and Portuguese governments also have signed agreements on air transport with a view to increasing the number of connections between the two countries, as well as a cooperation protocol between the Public Debt Management Unit and its Portuguese counterpart, the Treasury Management Agency and of Public Debt (IGCP).

Angola and Portugal “closed” the new 2018/2022 Strategic Cooperation Program and an agreement on “mutual administrative assistance in tax matters” – the latter related to the introduction of VAT in Angola.

This agreement aims to establish the basis for mutual administrative assistance in tax matters and for cooperation in the introduction of VAT in Angola, already within the framework of the General State Budget (OGE) of 2019.

Other agreements cover diverse areas such as security, health, technical-military assistance, as well as delegated cooperation projects of the European Union in Portugal, involving such matters as food safety, the revitalization of technical education and vocational training.

Portuguese Prime Minister Antonio Costa ends a two-day official visit to Angola Tuesday, the first since taking over the leadership of the Portuguese government in November 2015.

Source: Angola Press News Agency