Angola – New Private Investment Law

In brief

It was published the new Private Investment Law, approved by Law nr. 10/2018, of 26 July, revoking the  former Law nr. 14/15, of 11 August.

In detail

Among the most significant amendments introduced, we highlight:

• It is no longer required a minimum investment amount for access to tax benefits and incentives;
• It is eliminated the local partnership requirement previously established for certain sectors of activity;
• New implementation geographic development areas were defined;
• The Law introduces two procedural regimes: prior declaration and special regime. The prior declaration regime allows the prior incorporation of a business vehicle, after which it is submitted the investment proposal for registration purposes and attribution of benefits. Investors may not, however, opt for this regimes for investment in priority sectors of activity;
• The tax benefits potentially attributable vary according to the procedural regime and the project implementation geographic development area.
  

The new Law is not applicable to projects approved before its entry into force, unless otherwise intended by the investor.

Although the law entered into force on 26 June, the law still requires further regulation.

^{© 2018 PwC. This communication is of an informative nature and intended for general purposes only. It does not address any particular person or entity nor does it relate to any specific situation or circumstance. PricewaterhouseCoopers & Associados – Sociedade de Revisores Oficiais de Contas, Lda. We will not accept any responsibility arising from reliance on information hereby transmitted, which is not intended to be a substitute for specific professional business advice.}