Angola Tax Agency Announces Revision of VAT Code

The Angolan General Tax Administration April 18 announced the revision of the VAT code. The announcement includes measures to: 1) reduce the VAT rate to 5 percent for widely consumed food items and agricultural inputs; 2) reduce the Stamp Duty to 1 percent from 7 percent, applicable to taxpayers under the General VAT Regime who carry out exclusively exempt transactions; 3) introduce a 12 month deferral on VAT payments pertaining to the import or transmission of specified materials and industrial equipment; 4) extend the right to deduct period to 12 months from 2 months; 5) increase the Exclusion Regime threshold ...