Law 8/22 of 14 April approved the Tax Benefits Code ("TBC").

In a single, autonomous piece of legislation that is part of the legal-tax framework, the TBC consolidates the regulation of tax benefits applicable in the Angolan legal-tax system. In doing so, it sets out their definition and classification by sector, and the rules and terms for their application, control and monitoring. The TBC will come into force on 14 May 2022.

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Law 8/22 of 14 April approved the Tax Benefits Code ("TBC"). In a single, autonomous piece of legislation that is part of the legal-tax framework, the TBC consolidates the regulation of tax benefits applicable in the Angolan legal-tax system. In doing so, it sets out their definition and classification by sector, and the rules and terms for their application, control and monitoring. The TBC will come into force on 14 May 2022.

GENERAL PROVISIONS

Concept, characteristics and classification of tax benefits

For the purposes of this TBC, tax benefits are considered to be measures of an exceptional nature that provide an advantage or simply tax relief when compared to the normal taxation arrangements. Tax benefits are granted on a temporary and exceptional basis. They can take the form of exemptions, rate reductions, deductions from taxable income for companies and individuals, accelerated depreciation and reintegration, and deferred payment of tax. They can also take the form of other tax measures for the purposes of economic, social, cultural or environmental policy, or any other relevant public interest that justifies non-taxation.

Tax benefits can be automatic when they result directly and immediately from the law, or non-automatic when they depend on one or more administrative acts for them to apply. They can also be personal when granted on the basis of the status of the beneficiary, or real when granted based on the status of the thing in question.

Transfer of tax benefits

Personal tax benefits are non-transferable. Real tax benefits are transferable between living persons and upon death, provided the requirements for the benefit are met by the transferee.

Angola | Tax Benefits Code

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.