imageAngola | Presidential Law Decree No. 5/11, of 30 December 2011

Revison of the Investment Income Tax Code - 2011

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Presidential Legislative Decree No. 5/11 of 30 December 2011 Whereas the current Capital Gains Tax Code includes a broad range of exemptions, creating doubts and inefficiencies regarding the effective taxation of interest on demand and time deposits, as well as on treasury bills, treasury bonds and Central Bank securities; Taking into account, on the other hand, the inevitable and greater growth of the financial circuit in Angola, with the imminence of the capital markets coming into operation and the consequent fluidity in the respective operations, with the need to boost the revenues to be collected, as well as the implementation of a fair taxation system, under this tax; Being necessary to adapt the procedures for the calculation of the taxable amount, tax settlement and payment currently in force, and without practical application in the tax offices; In view of the present economic and social reality in Angola, advocating the effectiveness of the underlying purposes in the current tax reform program. The President of the Republic decrees, in the use of the legislative authorization granted by the National Assembly, under article 1 of Law no. 35/11, of 16 December 2011, and in accordance with paragraph 1 of article 102, paragraph 1 of article 125 and subparagraph (o) of article 165, all from the Constitution of the Republic of Angola, the following: ARTICLE 1 (Approval) The review of the Capital Gains Tax Code, attached to and integral part of this statute, is hereby approved.