Angola is prepared for the implementation of Value Added Tax (VAT) by 2019, the period in which all conditions will be created, according to International Monetary Fund (IMF).
The IMF’s consultants have been in the country for a week to support the completion of VAT implementation process.
Major steps have been taken toward the implementation of this process in Angola, the IMF said.
Addressing a press conference on Monday, sponsored by General Tax Department, under IMF’s second technical assistance visit aimed at implementing VAT in Angola, the body’s legal adviser of Bretton Woods, Rita La Feria, said that the country will have the advantage of making use of a modern, simple and local “VAT”, to match the best international practices.
The IMF official said that Angola is largely prepared to join VAT, stressing that the IMF team has come just to assist the country on completion of this scheme.
In turn, IMF consultant Ricardo Versano said that this process started in 2010, after the presentation of its advantages to the local authorities.
He admitted that at the beginning the process will seem “confusing” in terms of its implementation by the taxpayers, which he considered normal.
According to him, what matters for Angola is to scrap the VAT of 1970s, but put into operation that of 2020, a modern simplified tool that will allow to boost the national economy.
The implementation of VAT in Angola will come into force as soon as the document gets approved at National Assembly and published in the country’s Gazette.