Angola’s parliament approves elimination of double taxation with Portugal, China and UAE

The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information.
The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the agreements will allow an increase of direct investment in the country, transfer of knowledge and skills, construction of infrastructure and creation of more jobs.

Portugal’s parliament last week voted in favour of the motion to approve the Convention on the Elimination of Double Taxation in Income Tax and Preventing Tax Fraud and Evasion between the Republics of Angola and Portugal, for an initial period of eight years.

During the ordinary plenary session on Thursday, MPs also unanimously approved the draft resolution on the 4th amendment to the Convention on the Coverage of Credit Risks for the Export of Goods and Services of Portuguese Origin to Angola, with a view to simplifying negotiations for future financing.

The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the addition to the agreement, which will increase the limit on credit coverage from 1 billion to 3 billion euros, sets out mutually advantageous solutions and will allow for an increase in trade and improvement of economic relations between the two countries.

The coverage will include not only bank financing, but also credit guarantees or insurance on financing granted by other financial institutions to the Republic of Angola, as well as ten-year credit terms, compared with seven years currently.

Angola signed a convention with Portugal in November 2004, which was altered in 2006, 2008 and 2009, under which Portugal undertakes to cover the risks of loans granted for the export of goods and services originating in Portugal and destined for the Republic of Angola, through credit insurance company Companhia de Seguro de Créditos. (macauhub)