The Angolan Economic Commission of the Council of Ministers on Wednesday in Luanda examined the draft law amending the General Tax Code, a document aimed at ensuring greater efficiency by the Tax Administration, according to a statement issued at the end of the meeting.
The statement said that the law will allow, among other things, the review of the deadlines of the tax procedure, the reduction of the fine imposed in tax infringement proceedings and the elimination of some criminal provisions.
At its meeting on Wednesday, the Economic Commission also considered the draft law amending the Income Tax Code.
This law is intended to alter the tax rate applicable to incomes, allowing for the exemption of lower incomes, keeping the tax burden of middle incomes unchanged and progressive rates on higher incomes.
Distributed at the end of the meeting, the statement said that the government’s economic team also considered the draft law amending the Industrial Tax Code.
The purpose of the draft law is to eliminate the schedular tax system on income, to introduce a more integrated and simplified taxation model, such as the universality of taxation and the ability to pay.
Among the changes included in the draft law amending the Industrial Tax Code are the widening of the tax base and greater coherence and harmonisation of the Angolan tax system.
The Economic Commission of the Council of Ministers also looked at the draft law on the Property Tax Code, which aims to provide the Angolan tax system with appropriate mechanisms for the economic and social reality.
Through this initiative the government intends to make management of the property taxation model in all its aspects more efficient, through the creation of technological tools for dematerialisation of the registration processes.