20 May 2011
Luanda — Angolan minister of Finance, Carlos Lopes, Friday, in Luanda pledged to support the Angolan government in the elimination of double taxation within the Portuguese-speaking Countries Community (CPLP), recognising that such agreement speeds up the growth of goods and services bilateral trade, boost investment and technological cooperation between member States.
Speaking at the opening of the second meeting of the Finance ministers of the CPLP, Carlos Lopes said that the elimination of double taxation of corporations and individuals that are taxable, in two countries, the best solution is to adopt the exemption method, instead of the tax credit, to ensure greater clarity and effectiveness.
In such cases, explained the minister, the country receiving the goods or services (taxable income generator) will be holding the right of taxation, as occurs with so-called destination principle adopted in the value added taxes.
The finance minister also said in his speech that there are countries in the community with double taxation agreement as is the case of Portugal, Brazil, Cape Verde, Mozambique and Guinea Bissau.
At the moment, Angola has no double taxation agreement within the community.
At the meeting will be presented the actions envisaged in the programme of the Angolan presidency in the CPLP, adopting the conclusions of the second meeting of Finance Ministers and, ultimately, will be issued a declaration entitled “Declaration of Luanda”.
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Taken from:
Country Recognises Advantages to Eliminate Double Taxation