[2020-03-30] Angola prepares creation of duty-free areas

Source: Macauhub

The minister for Economy and Planning, Sérgio Santos, said on Friday in Luanda that the government is preparing to set up duty-free areas, and companies that operate within them will benefit from incentives for a renewable period of 25 years.

These will be tax, exchange rate, financial, working and migration incentives, the minister said at the end of a meeting of the Council of Ministers, cited by Angolan news agency Angop.

Santos also said that the initiative is intended to stimulate the customs regime of providing tax breaks and encouraging investors (both national and foreign) to conduct their business in Angola.

The draft bill, which was discussed during the meeting before being submitted to parliament, sets out the aims, general principles, incentives and facilities to be granted by the State to investors and to companies.

The document also includes the possibility of establishing free-trade areas in certain regions, by the State or by private enterprise.