africa Angola Banking Economy Finance

Angola approves proposed law on repatriation of capital

Approximate reading time: 1 minute

Members of the Angolan National Assembly, the country’s parliament, meeting in plenary session, on Thursday approved by majority vote a draft Law on the repatriation of financial resources outside the country, according to official information.

The document provides that the holders of financial resources domiciled abroad, who voluntarily repatriate said resources within 180 days from the date the law comes into force, are exempt from any penalty.

The financial resources will be invested in economic and social development programmes directed by the State, under conditions to be defined by the holder of executive power.

The cancellation of any pecuniary and foreign exchange liabilities payable in respect of those financial resources and the exclusion of any liability for possible taxes, foreign exchange or criminal violations, as long as they are related to such resources, will not occur whenever eligible citizens provide declarations or documents concerning the ownership and legal status of the declared financial resources.

The draft law on the extraordinary regime of property regulation (RERP), proposed by UNITA, the largest opposition party, was knocked back, although at the beginning of the discussion of the specifics of the law the idea among, some members of parliament considered it a good idea to join the to bills into one.

Source: Macauhub

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