In Angola 2007/2008 - (Page 19) • keep a proper set of accounts adequate to the demands of assessment and monitoring of the investment project. The key factor in the fiscal investment incentives is the development zone. You will find the highest tax incentive in Zone C, which includes the provinces of Huambo, Bié, Moxico, Kuando Kubango, Cunene, Namibe, Malanje, and Zaire. Incentives in this area include a 6-year exemption from payment of customs duties and fees on investment operations, a 15-year exemption from the payment of industrial tax on any profits yielded from the investment, and a 15-year exemption from the payment of capital gains tax for companies that promote capital investments. The provinces of Kwanza Norte, Bengo, Uige, Kwanza Sul, Lunda Norte, and Lunda Sul, and all municipalities (except Lobito and the capital cities of the provinces of Cabinda, Huíla, and Benguela) make up Zone B, which offers the next level of investment incentives. In this area, investment operations are exempt from payment of customs duties and fees for four years, profits yielded from investments are exempt from payment of industrial tax for twelve years, and companies that promote capital investments are exempt from the payment of capital gains tax for ten years. In the final development zone, Zone A, the province of Luanda, the capital municipalities of the provinces of Benguela, Huíla, and Cabinda, and the municipality of Lobito offer generous investment incentives, including a 3-year exemption from the payment of customs duties and fees for investment operations, an 8-year exemption from the payment of industrial tax for profits yielded from investments, and a 5-year exemption from the payment of capital gains tax for companies promoting capital investments. Angola also offers bonus incentives for investments in eligible development zones, including an industrial tax exemption for a period of up to ten years for investments creating fifty or more full-time jobs for national citizens, and for investments in new projects and in the rehabilitation of destroyed or paralyzed projects in priority areas (Zone C only). In addition to the extended exemption periods, the investment operations may consider the following expenses as costs for purposes of determining taxable income: • up to 100% of the expenses incurred in the construction and repair of roads, railroads, telecommunications, water supply, and social infrastructure for the workers, their families, and local inhabitants; • up to 100% of the expenses incurred in vocational training in all fields of social and productive activity; • up to 100% of the expenses incurred in investments carried out in the cultural sector and/or the purchase of works of art by Angolan authors and creators, with the provision that, when classified as such, the same remain in the country and are not sold for a period of ten years. The many benefits that Angola offers private investors create an attractive environment for investing. To learn more about investing in Angola and the incentives offered, please contact info@investinangola.org or visit www.investinangola.com. Investing Made Simple Application Process 1. Contact ANIP for an investment application ($150 fee) 2. Prepare the application and supporting documents (proposal package) 3. Translate all documents into Portuguese (all translations must be authenticated by the Angolan Embassy in the country of origin) 4. Submit all documents to the ANIP office in Luanda After Submission If investment is under USD 5 million and is not refused, ANIP must issue a declaration of acceptance within 15 days. If investment is equal to or greater than USD 5 million, the Council of Ministers will make a decision within 30 days. Post Approval 4 Bonus Incentives: Branch of Industry Industrial Tax Exemption for a Period of up to 10 Years Investment Expenditures Assessed as Costs Farming & Animal Breeding, Processing, Fishing & Derivatives, Civil Construction, Health & Education, Energy & Water Infrastructure, Roads & Railroads, Ports & Airports, Telecommunications, Heavy Cargo & Passenger Equipment Investments in new undertakings & in the rehabilitation of destroyed or paralyzed undertakings in the priority areas (Zone C only) Investments creating 50 or more full-time jobs for national citizens – Up to 100% of the expenses incurred in the construction & repair of roads, railroads, telecommunications, water supply and social infrastructure for the workers, their families & local inhabitants Up to 100% of the expenses incurred in vocational training in all fields of social & productive activity Up to 100% of the expenses incurred in investments carried out in the cultural sector and/or purchase of works of art of Angolan authors & creators, provided they remain in Angola and are not sold for a period of 10 years ANIP must issue Private Investment Registration Certificate (CRIP) Customs Office National Bank Ministries 19 http://investinangola.com/engDefault.asp
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