Ver Angola

Economy

Companies will start paying a single tax from next year

From next year, corporate taxation will no longer be carried out through the current four taxes, but through a single tax.

: Facebook AGT - Administração Geral Tributária
Facebook AGT - Administração Geral Tributária  

The information was provided by José Leiria, Chairman of the Board of Directors (PCA) of the General Tax Administration (AGT), when he was speaking at the opening of the 4th Economy and Market Conference on Taxation, taking place this Tuesday, under the theme "Tax Reform for 2025 and its Impact on Companies".

"It is public knowledge, because it has already been subject to public consultation, that the taxation of companies currently carried out through four taxes will now be carried out through a single tax, the tax that will tax the income of companies", said the official, quoted by Angop.

José Leiria also informed that the Ministry of Finance is also already working to implement a single tax to tax the income of individuals, and is finalizing the "conceptual design and its rules", in order to then submit the proposal for public consultation, having advised everyone to participate.

According to the Chairman of the AGT, "with these two taxes, which should initially be finalised at the Executive level and submitted to the National Assembly for consideration by 2025, we should complete the main guidelines for tax reform presented in 2011".

The official also mentioned that, after the reform carried out in the area of ​​consumption taxation (with Value Added Tax - VAT and special consumption taxes) and property taxation (with taxes on motor vehicles and property), it is still necessary to carry out a reform related to income, writes Angop.

On the occasion, he suggested that companies closely follow the process, analysing the main changes proposed at the headquarters, especially in corporate income tax.

According to a note from the AGT, to which VerAngola had access, the conference took place at the Epic Sana Hotel in Luanda and was promoted by the magazine Economia & Mercado.

The conference brought together "experts to discuss highly relevant topics such as 'The New Corporate Income Tax Code', 'Tax Reform and the Promotion of Local Content' and 'The Role of the Tax Authorities in Economic Growth'".

In addition to José Leiria, who opened the event, the discussion panels included the director of the AGT Tax Studies Centre, Cristina Muengo, as well as "renowned experts, such as representatives from KPMG, commercial banks, tax experts and accounting experts".

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