Cabo Verde MOF Proposes 2022 State Budget

The Cabo Verdean Ministry of Finance Oct. 6, 2021, proposed the 2022 state budget. The proposed budget includes measures to: 1) apply a 10 percent VAT rate for the tourism sector and restaurants; 2) reduce the VAT rate to 8 percent from 15 percent for electricity and water consumption; 3) provide a VAT exemption on imported machinery and equipment; 4) grant a 20,000 Cape Verdean escudo (US$204) deduction to employers hiring unemployed taxpayers for a minimum of 12 months; 5) exempt VAT and the special consumption tax (ICE) on the import of electric vehicles; 6) introduce an e-commerce tax promoting ...