Ver Angola

Economy

Angola and United Arab Emirates end double taxation

The governments of Angola and the United Arab Emirates (UAE) have ratified the convention to avoid double taxation and tax evasion, which aims to prevent businessmen from paying taxes in both countries and evading the tax authorities.

: João Lourenço com o Xeique Hamdan bin Zayed Al Nahyan
João Lourenço com o Xeique Hamdan bin Zayed Al Nahyan  

"The convention is an essential tool at the disposal of the tax authorities of the two countries, which in this way are able to cross information regarding values and tax accounting framework declared in one country and in the other", the Angolan General Tax Administration (AGT) states in a statement.

The agreement also aims to ensure greater investment flow between the two countries, generating "benefits to the growth of the economy and, on the other hand, aims to prevent resident entrepreneurs in each country from paying taxes in Angola and the UAE, ruling out the possibility of tax evasion".

The convention came into force for both countries on 28 March, with the initial period of tax events starting on 1 January 2021.

Angop reported in June that the trade balance between Angola and the UAE is at US$1900 million, in volume of exports and imports.

The volume of exports and imports began in 2004, when trade between the two countries was launched, and is reflected in various materials and raw materials (precious stones, diamonds, oil and other items).

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