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Angolan parliament approves bills on repatriation of capitals

Approximate reading time: 2 minutes

The National Assembly (Parliament) last Thursday approved in general terms the Bill on Repatriation of Capital and the Bill on the Extraordinary Regulation of Assets, submitted by the government and the opposition UNITA party respectively.

The two documents, which will now be analysed at the specialised commissions of the National Assembly, have come to light in sequence of a proposal made last December by the Angolan President, João Lourenço, in which he invited  citizens who have large financial resources abroad to bring them to Angola and invest them in the country.

The governmental proposal was presented by the Finance minister, Árcher Mangueira, and was approved with 172 votes in favour, none against and sixteen abstentions, while the bill presented by UNITA received 173 votes in favour, none against and fifteen abstentions.

UNITA’s proposal, which differs from that of the government, outlines a deduction of a 45 per cent tax from the repatriated financial amount, while the Executive intends to come up with a legal framework that enables singular and juristic persons established in Angola, and that have high financial amounts domiciled outside the country, to voluntarily repatriate such financial assets and apply them in the Angolan development process, on return of not being questioned about the origins of the capitals and thus being free from any criminal (fiscal, exchange) accountability.

UNITA presented a bill that not only defends the repatriation of non declared capital, but also regulates the recovery of public moneys that were swindled from the state and other public assets illegally acquired, whether these resources are outside or inside the country.

Meanwhile, the whip of the CASA-CE coalition, André Mendes de Carvalho, who read his organisation’s political statement on the issue, said that “It is immoral, illegal and unacceptable to want that the financial resources stolen from the Angolan people be recognised as legitimate property of those that in a criminal way dilapidated public assets”.

“We are of the opinion that what must be done is to appeal to our brothers who behaved badly to give back to the state that which they have held possession of in an improper and illegal manner, so that the society can redeem them, and thus we can move forward together in the construction of a better Angola and, in return, the state can give them a part of such resources for them to get on with their lives”, stated the CASA-CE coalition whip.

He also proposed that the two bills be fused into one document and analysed as such and in a normal legislative process and not an urgent one as it is the present case.

Source: Angop

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