Luanda, ANGOLA, November 18 - The National Assembly (AN) approved Friday the new Draft Law on Update of Harmonised Customs Tariff that provide for the changes in rates for various products to boost the country's diversification of the economy and increasing domestic production. ,

 

The Draft Law is part of the Executive's strategy  to increase domestic production and reduce the inflation levels, cost of living of citizens and improve people's living standards.

 

With 2,261 free rate codes, 111 increased rates and 400 reduced rates, the Law aims to promote the collection of essential taxes to support the expenses of the State Budget.

 

As for imports, the Draft Customs Tariff Law maintains national products free of import duties and reduces service fees, from 1 percent to 0.5 percent.

 

On the other hand, the export of nationalised import goods will be taxed at a rate of 20 per cent of customs duties.

 

The minister of Finance, Archer Mangueira, said that the measure is meant to discourage the export of goods imported by final consumption in national territory with the expenditure of foreign exchange reserves.

 

Archer Mangueira was addressing a presentation session of the document to the Parliament.

 

He said that the customs tariff of the import and export rights of Angola is an instrument of fiscal policy with which the Executive seeks to adopt measures to encourage and protect the national productive sector.

 

From technical point of view, the minister said,  the Customs Tariff is governed by the Harmonised System of Designation and Codification of Goods of the World Customs Organisation, whose 2017 version came into force on 1 January this year.

 

The Minister said that the diversification of the economy and promotion of national production will be secured by the increasing the rates of products in which the country has some production, such as basic food products, vegetables, alcoholic beverages, soft drinks, mineral water, meat and goats.

 

The new Customs Tariff also exempt the school books and medicines from fees

 

Automobile assemblers wishing to settle in the country by importing parts of vehicles will also benefit from exemptions granted for goods imported for industrial purposes.

 

The New Customs Tariff comes into force 90 days after its adoption by the National Assembly.

 

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