Angola passes resolution to eliminate double taxation with Portugal, UAE and China
17-01-2019 09:02:51 | by: Bob Koigi | hits: 5820 | Tags:

Angola’s National Assembly has approved joint reports and draft resolutions on agreements for the elimination of double taxation and prevention of tax evasion of income taxes with Portugal, China and the United Arab Emirates.

The legal instruments, approved by the specialized committees, establish a global legal regime for the prevention or elimination of double taxation.

The approval was made by the commissions of Economy and Finance, Constitutional and Legal Matters, Foreign Relations, International Cooperation and Angolan Communities Abroad.

The Secretary of State for Cooperation, Domingos Vieira Lopes, stressed that these agreements will allow the increase of investments in the country in several sectors, in the scope of the diversification of the national economy.

He explained that with the existence of these agreements, the signatory States will better develop economic, financial and business issues.

"It is a climate of confidence that is created between the states in terms of investments," he said, adding that entrepreneurs who are not covered by gender agreements suffer much from double taxation.

The Angolan State, when it binds itself to the Convention, will be subject to the fulfillment of the obligations stipulated by these legal instruments.

The specialized committees of the National Assembly have also proved the draft resolution of the 4th Amendment to the Convention on the Coverage of Credit Risks for the Exportation of Goods and Services of Portuguese Origin to Angola, with a view to simplifying negotiations on future financing.

The addition proposes to change the extension of the ceiling for credit coverage, currently set at EUR 1 billion, to EUR 3 billion.

The text also mentions the extension of the scope of the coverage, which includes not only bank financing, but also guarantees of credits or insurance to financing granted by other financial institutions to the Republic of Angola, as well as credit terms for 10 years , contrary to the seven years in force.

The Angolan State signed with the Portuguese Republic in November 2004 a Convention on the Coverage of Credits Risks for the Exportation of Goods of Portuguese Origin to Angola.

The treaty was the subject of three amendments in 2006, 2008 and 2009.

Under the terms of the Convention Portugal undertakes to cover the risks of credits granted for the export of goods and services originating in Portugal and destined for the Republic of Angola through the Credit Insurance Company (COSEC).

COSEC is, for the account and order of the Portuguese State, responsible for the coverage and management of credit, guarantee and investment risks, mainly for countries with higher risks.

The MEPs also approved the joint opinion of the Proposed Law on Legislative Authorization on the general principles regarding the organization and application of the index structure of the salary tables of the civil service and the remuneration supplements or supplements of the Public Service.

The goal, according to Jesus Maiato, Minister of Public Administration, Labor and Social Security, is to establish wage equity.

He recalled that, in the course of time, he heard various concessions from some regimes that later provoked some wage asymmetry in the civil service.

He reported that there were situations in which certain bachelors who were in careers of the special regime received higher salaries to the graduates.

In order to establish wage equity, the remuneration index of the public function that remunerated the full professor, from 1020 to 1120, was increased, along with the adjustment in technical and non-technical careers.