Foreigners no longer need to have Angolan partners with new Private Investment Law
The proposal of the new Private Investment Law puts an end to the minimum limits for the granting of incentives, extinguishes the tax exemption and ends with the obligation to have Angolan partners.
The Council of Ministers on Wednesday approved the proposal of the new Private Investment Law, which ends with the obligation of national participation in foreign investment projects in the country and which puts an end to the minimum limits for the granting of incentives.
The diploma also ends with tax exemptions. In no case will there be tax exemption, only reductions in a maximum limit of 10 years, aligning the norm in force in Angola with what is practiced in all the countries that are part of the Southern African Development Community (SADC).
Private investment, according to Article 6 of the bill that was sent to the National Assembly, takes the form of "internal, external or mixed investment", leaving no compulsory Angolan participation of at least 35 % of capital in strategic sectors, as stipulated in Article 9 of the law still in force. Among the sectors that currently require Angolan participation are electricity and water, hotels and tourism, transportation and logistics, construction, telecommunications and information technology and media.
Luanda, 08. März 2018
Isabel Costa Bordalo/Expansão
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