Cabo Verde Assembly Presents 2023 State Budget

The Cabo Verdean National Assembly Dec. 8 presented the 2023 state budget. The proposal includes measures to: 1) increase the national minimum wage to 14,000 Cape Verdean escudo (US$134.02) from 13,000 escudo (US$124.45); 2) reduce the VAT rate on water and electricity to 8 percent from 15 percent; 3) maintain the exemption from import duties in the health, agriculture, and fishing sectors; 4) exempt electric vehicles from special consumption tax (ICE) and VAT; 5) introduce a special regime for settling tax debts; and 6) exempt local government imports from VAT, ICE, and custom duties. [Cabo Verde, National Assembly, 12/08/22]

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