Ver Angola

Economy

Government reduces VAT rate to seven percent

The Value Added Tax (VAT) rate applied to basic food basket products will reduce from 14 to seven percent. The measure was approved this Thursday at the tenth ordinary meeting of the Council of Ministers.

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"In the framework of the Executive's policy to mitigate the negative impact of covid-19 on the economy and the search for ways to improve the purchasing power of families, it was decided today [Thursday] in the Council of Ministers that the VAT rate should be reduced from 14 to 7 percent in the commercial processing of 28 products for ample consumption (basic basket)", announced the Government, in a publication made available on the Presidency's Facebook.

According to the note, "the idea is that the measure contributes to reducing the price of goods by the time they reach the final consumer".

According to Jornal de Angola, among the products covered by this measure are essential products, such as meat, fish, condensed and powdered milk, chicken thigh, beans, eggs and margarine.

Goods such as sweet potatoes and reindeer, cassava, onion, garlic, rice, corn, wheat grain, sugar, salt, corn flour, cornmeal, wheat flour, bread, cooking oil, soap, among others are also included from the list.

Production agents will also be included in the list, as is the case of small and medium-sized vessels, agricultural and industrial equipment, among others, writes Jornal de Angola.

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