Angola postpones VAT introduction for July 2019 – The Jornal Econômico

Angola postpones VAT introduction for July 2019 - The Jornal Econômico


The Value Added Tax (VAT) enters into force in July of next year in Angola and not in January as was originally planned, due to legislation still in preparation, announced Wednesday in Luanda, the coordinator of the Technical Group for Tax Implementation.

The introduction of the tax on products and services is a long-overdue measure by the International Monetary Fund (IMF), which is technically supporting the process with the Government.

According to the "Jornal de Angola", Adilson Sequeira was speaking to the press in the margins of a meeting between the heads of the General Tax Administration (AGT) and producers of Billing and Accounting Software Systems, as well as those responsible for printing companies that print invoices.

This official of the AGT explained that several diplomas are being discussed by a technical group of the Council of Ministers to be sent to the National Assembly, pointing out that, under these conditions are the legal regimes of Invoices and Electronic Submission.

"These diplomas will help reduce tax evasion and tax evasion due to AGT's oversight work by crossing information, which implies that when a company sells something without a declaration, systems will record the movements made and, immediately, the whole truth will be discovered, "explained Adilson Sequeira.

The meeting served for the AGT to clarify the participants about the procedures to be adopted after the approval of the two diplomas, which are approved by the competent authorities for having been modified, with the introduction of elements that aim to adapt them to the new reality.

In March, at the end of an economic performance assessment mission, the director of the IMF Angola Department, Ricardo Velloso, defended, following contacts with the government, that the tax be applied progressively as from January 1, 2019, starting in the big companies and then extending the tax base.

"I think the current plan is for it to be applied first to the large taxpayers, who are better prepared for this type of tax, and over the next few years the base will be expanded. I think this is an interesting way to implement it as soon as possible, but on the other hand, to implement it in a flexible way, "he was quoted as saying by Jornal de Angola.



Source link

Leave a Reply