Angolan government will cut the Value Added Tax (VAT) on foodstuffs from 14 to 7%, the minister of State for Economic Coordination José de Lima Massano has said.
Speaking at the press conference, after the Cabinet Council’s Economic Commission meeting, the official said there are other measures to increase national production.
He mentioned among others, the financial support for production, tax simplification and improvement of the business environment.
VAT was implemented on July 1, 2019, with an initial and single rate of 14 percent, also coming into force for the first time, as part of the broad Tax Reform underway in the country.
The VAT Code provided for a single rate of 14% for all imports of goods and for all large taxpayers with income in excess of 15 million kwanzas, as well as large public companies and banking financial institutions.
Source: Angola Press News Agency (APNA)