Angola and Cape Verde end double taxation regime

The Governments of Angola and Cape Verde signed today three fiscal and customs instruments, considered important to promote the exchange of experiences between the two countries, namely to avoid double taxation.

According to the Deputy Prime Minister and Finance Minister of Cape Verde, Olavo Correia, the agreements that were signed follow other agreements already established between the two countries. He highlighted the visa waiver agreement for the free movement of people, "an extraordinarily important decision."

The documents signed by Angolan Finance Minister Archer Mangueira consist of the "Double Taxation Avoidance Agreement" and the "mutual administrative assistance" agreements in customs and tax matters.

In his speech, Olavo Correia considered it important that politicians and leaders create conditions for the free movement of goods, people and capital, specifically within the Community of Portuguese Speaking Countries.

For the Cape Verdean Deputy Prime Minister, if there is free movement there will also be growth and development of the country.

"We want to do everything so that Angolans and Cape Verdeans can move and invest in our two countries, with absolute security in their investments, but also making sure the best tax conditions are in place for us," he said.

In his view, once taxed in Angola or Cape Verde, "there can be no reason for double taxation."

"The better the system, the better the business environment, and the investment climate," said Olavo Correia, expressing a willingness to quickly update the mutual investment protection agreement between the two countries.

The Angolan Finance minister recalled that during the visit to Angola by Olavo Correia, in May 2019, a "memorandum of intent" was signed. The latter became a reality three months after the signing of the three agreements.

"These three agreements bring to Angola and Cape Verde enormous strategic advantages, which should be highlighted," said Archer Mangueira.

In the case of the agreement on the elimination of double taxation, the main goal is to "increase foreign investment, with consequences, for example, in the growth of the economy, the transfer of knowledge and skills, the construction of infrastructure and the increase of employment and living standards," he explained.

The minister highlighted the expectation that the Angolan General Tax Administration will benefit from trade facilitation with this agreement, "as well as greater capacity for the prevention and investigation of customs offenses, and technical cooperation."

The document on "Mutual Administrative Assistance in Tax Matters" aims to foster cooperation between the two Portuguese-speaking states, due to the high level of trade and economic relations, which justify efficient administrative collaboration between their tax administrations, said Archer Mangueira.

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