Angola: tax implications and administrative procedures for national and foreign private investments clarified by the GovernmentMay 30, 2012
Presidential Decree 84/12, published in the Republic Gazette of 14 May 2012 and in force as of 15 May 2012, regulated the conditions for approval and implementation of national and foreign private investments in Angola, which were previously introduced by Law 20/11.
The new rules brought by Law 20/11 had an impact over tax and customs duties to the extent that, under such new regime, national and foreign investors could become eligible for certain tax incentives in different terms from those established in the regular tax and customs duties legislation.
Presidential Decree 84/12 provides more detail with respect to administrative procedures applicable for national and foreign private investments above US$10m.
According to Law 20/11, only investments above US$1m per shareholder are eligible for the granting of tax and customs duties exemptions.
It is also clarified that the preliminary assessment of the investment projects shall be carried out by the national investment agency ANIP and that a specific committee shall be appointed by the Government for the negotiation of tax incentives.
Presidential Decree 84/12 also clarifies that, after the conclusion of all steps of the administrative procedure, the President may approve not only the intended private investment, but also the tax incentives to be granted.
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