Ver Angola

Economy

Agricultural properties of less than seven hectares no longer pay tax

Taxation on agricultural properties of less than seven hectares will cease to exist. The news was announced this Wednesday by the Secretary of State for Finance and Treasury, Osvaldo João, when answering the questions of the deputies during the debate on the proposed Law of the Property Code.

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He revealed that this measure aims to ensure that most families in the country have a means of survival.

Osvaldo João also explained that the Executive will now levy a tax on farmland that is inactive or stationary so that owners are encouraged to farm or rent or sell the land to someone who wants to work it.

In essence, he said, the aim of this measure is to increase the tax revenue of the state.

The Property Tax Code also provides that 70 per cent of revenue will go to local authorities. Among the measures it foresees is also the change of free property transfer fees (currently set at between 10 and 25 per cent) to two per cent and the exemption of social housing and precarious construction properties.

This measure will be introduced in a single law - which will include the laws on the taxation of the ownership, rental and transfer of real estate.

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