Luanda, ANGOLA, November 27 - The Economic Commission of the Council of Ministers on Wednesday examined the draft law amending the General Tax Code, a document aimed at ensuring greater efficiency by the Tax Administration.,

 

The final statement of the session, chaired by the President of the Republic, João Lourenço, states that the draft law amending the General Tax Code also aims at adopting measures to simplify procedures and facilitate taxpayers' access to administration services.

 

According to the document to which Angop had access, the law will allow, among other things, the review of the deadlines of the tax procedure, the reduction of the fine imposed in the tax infringement proceedings and the elimination of some criminal provisions.

 

At its meeting on Wednesday, the Economic Commission had contact with the Bill amending the Labor Income Tax Code.

 

The same law aims to reformulate the tax rate applicable to taxpayers' income, allowing the exemption of lower income, the preservation of the tax burden of middle income and the inclusion of progressivity on higher income.

 

Distributed at the end of the meeting, the communiqué indicates that the Government Economic Team also considered the draft Law amending the Industrial Tax Code.

 

The purpose of the aforementioned Bill is to eliminate the note income tax system, to provide for the introduction of a more integrated and simplified taxation model, such as the universality of taxation and the ability to pay.

 

Among the bets of the Bill that amends the Industrial Tax Code are the widening of the tax base, greater coherence and harmonization of the Angolan tax system.

 

The Economic Commission of the Council of Ministers also called on the attention of the Draft Law on the Property Tax Code, which aims to provide the Angolan tax system with adequate mechanisms to the economic and social reality.

 

This initiative aims to provide, fundamentally, greater efficiency in the management of the property taxation model in all its aspects, through the creation of technological tools capable of responding to the dematerialization designs of the registration processes.

 

 

Another document that was under analysis by the economic team was the Bill approving the Motor Vehicle Tax.

 

It is a legal statute that aims to update the legal regime of the circulation tax, giving it dignity of tax.

 

According to the statement, the document aims to ensure greater effectiveness and efficiency in raising public revenues in this area.

 

Balance Report

 

At the same session, the State General Budget (OGE) Quarterly Execution Balance Report for the third quarter of 2019 was approved.

 

The document presents data and records on the execution of the State Budget 2019, reflected in the balance sheet, budget and balance sheet.

 

The session approved the execution statements of the Treasury Cash Plan and Treasury Financial Programming for September and the third quarter of 2019, respectively.

 

Approval was also given to the Report on the Execution of the Annual Debt Plan for the 1st Semester of 2019, as well as the Inflation Report for the Third Quarter of the same year.

 

The Economic Commission of the Council of Ministers has the task of addressing the Government's macroeconomic agenda and ensuring the conduct of macroeconomic management in harmony with the economic objectives and priorities of the Governance Program of the President of the Republic.

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