IMF SAYS ANGOLA READY TO IMPLEMENT VAT BY 2019

LUANDA– The International Monetary Fund (IMF) says Angola will be ready to implement a Value Added Tax (VAT) by 2019, when ll the necessary conditions for its implementation will have been created.

A team of consultants from the Washington DC-based IMF, which has been in the country for a week to support Angola’s efforts to complete of the VAT implementation process, notes that major steps have been taken by the country towards the implementation of this process.

Addressing a media conference here Monday, IMF legal adviser Rita La Feria, who is here for the Fund’s second technical assistance visit for implementing VAT in Angola, said the country would have the advantage of making use of a modern, simple and local VAT, to match best international practices.

The IMF official said Angola was largely prepared to implement VAT, stressing that the IMF team had come merely to assist the country on completion of this scheme.

IMF consultant Ricardo Versano said this process started in 2010, after the presentation of advantages of such a tax to the local authorities. He admitted that at the beginning, the process seemed confusing in terms of its implementation by the taxpayers, which he considered normal.

According to him, what matters for Angola is to scrap the 1970s version of its VAT and put into operation that of the 2020s, a modern. simplified tool that will allow the country to boost the national economy.

The implementation of VAT in Angola will come into force as soon as the law is approved at National Assembly and published in the country’s Official Gazette.

Source: NAM NEWS NETWORK