Luanda: The Angolan Government and the National Assembly have made significant technical adjustments and revisions to the initial chapter of the proposed Corporate Income Tax bill. This initiative, led by the government, forms a crucial element of the ongoing structural reform of Angola's tax system, which commenced formally in 2011 with the approval of the Executive's General Guidelines for Tax Reform (LGERT).
According to Angola Press News Agency, the joint meeting of specialized working committees took place in Luanda, where lawmakers meticulously examined the bill's specific provisions. The discussions primarily centered around the taxation of illicit income involving legal entities and measures to protect small and medium-sized enterprises. Aia-Eza da Silva, Chair of the National Assembly's Economy and Finance Committee, characterized the discussions as exhaustive but productive, highlighting the depth of deliberation undertaken during the session.
Ottoniel dos Santos, Secretary of State for Finance and the Treasury, expressed the Government's appreciation for the contributions made by lawmakers, emphasizing their role in enhancing the bill. Jos© Leiria, Chairman of the General Tax Administration (AGT), elaborated on the proposal's objectives, stating that it aims to ensure that any income not subjected to individual taxation is addressed within the Corporate Income Tax Code. According to Leiria, the classification framework is straightforward for individuals, defined as natural persons, while legal entities are identified as those not classified as natural persons.
The lawmakers concluded the meeting by approving the first chapter of the bill, with 25 votes in favor, none against, and eight abstentions. The legislative proposal, now under parliamentary consideration, seeks to modernize the corporate tax system, streamline tax rules, enhance transparency, and establish more effective mechanisms to combat tax evasion and fraud.
