Luanda, ANGOLA, October 25 - The Council of Ministers on Thursday in Luanda approved the proposed State Budget Law (OGE) for 2019, with revenues estimated at Kz 11.2 trillion and expenses fixed in the same amount.,

The proposal contains, among others, the composition, the basic rules for its execution and the forms of financing, according to the statement of the meeting, chaired by the President of the Republic, João Lourenço.

With 2019 State Budget, the Government intends to consolidate fiscal sustainability and debt in the medium term, with the implementation of fiscal reforms, increased mobilization of non-oil revenues, rationalization and increased expenditure efficiency, strengthening of management reduction of the arrears, reduction of the pro-cyclical nature of public expenditure and improvement of fiscal transparency.

In the area of finance, the Council of Ministers considered the proposed amendments to the Industrial Tax Code and the Income Tax Code, with a view to introducing timely adjustments, fairness and equity, in income taxation.

The proposal for a Law approving the Value Added Tax Code (VAT), a law designed to adapt tax legislation to the new economic and social reality of the country, eliminates double taxation, in order to boost tax revenue non-oil, as well as combat fraud and tax evasion, ensuring greater tax justice.

The draft law approving the Special Consumer Tax (IEC) code was also approved, a law that arises from the need to tax autonomously VAT, and with aggravated taxes, certain goods or products that are considered superfluous or harmful health and the environment.

This measure is justified by the fact that its exacerbated consumption causes higher expenses for the State, namely health expenses, protection of the environment and maintenance of public goods.

The draft Presidential Legislative Decree for the approval of the Legal Regime of the Commercial Paper was also appreciated, aiming at endowing the securities market with another instrument for the short-term financing of companies, as well as a means of making savers' savings profitable.

The Draft Presidential Legislative Decree for the approval of the Scheme of Guarantee Funds of Regulated Markets, Clearing House, Central Counterparty and Centralized Securities Systems was also analyzed.

The diploma is an important instrument that guarantees the trust and legal certainty of investors in the securities market.

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