ANNOUNCEMENT 20 May 2011In May 2011, the government of Angola announced a targeted tax change.
NUMBER OF INTERVENTIONS
UNCTAD World Investment Report 2012, Chapter III: Recent Policy Developments: http://www.unctad-docs.org/files/UNCTAD-WIR2012-Chapter-III-en.pdf
Lei No. 20/11, de 20 de Maio - Lei do Investimento Privado (in Portuguese): http://www.sme.ao/index.php?option=com_content&view=article&id=218:lei-no-2011-de-20-de-maio-lei-do-investimento-privado&catid=68:legislacao&Itemid=141&lang=pt
Law No. 20/11 of May 20 - Law on Private Investment (English translation): http://www.sme.ao/index.php?option=com_content&view=article&id=218:lei-no-2011-de-20-de-maio-lei-do-investimento-privado&catid=68:legislacao&Itemid=141&lang=en
UNCTAD, Foreign Direct Investment in LDCs: http://sdti.itcilo.org/investment/unctad-fdi-in-ldcs-2001-2010.pdf
Clifford Chance, Client Briefing 30 June 2011, New Angolan private investment law: http://www.cliffordchance.com/briefings/2011/06/new_angolan_privateinvestmentlaw.html
Angola Embassy in Israel, Law no. 20/11 of 20 May 2011 (Heading II, Chapter I, Section II; Art. 38, Art. 40, and 41): http://www.angolaembassy.org.il/documents/LawEnglish.pdf
On May 20, 2011, the Angolan government published the new Law on Private Investment, offering a number of investment-promoting measures that may benefit domestic and foreign investors. The law applies to investments of more than one million US dollars (up from US$ 100,000 under the previous private investment law); the petroleum, banking and diamond industries are excluded from applicability of the law. Smaller investments are not subject to the new law.
All investments that are within the scope of the new law are subject to a contract between the National Private Investment Agency (ANIP) and the investor. This contract sets out the conditions for investment and the incentives granted to the investor. A number of tax and customs incentives can be granted, depending on the specifics of the contract. However, all of these incentives will be provided on a case-by-case basis.
The tax benefits and incentives include, amongst others (see Law no. 20/11 and Clifford Chance):
For this measure, the affected trading partners are defined on the basis of the UNCTAD report on FDI in Least Developed Countries of April 2011.