As published on xinhuanet.com, Wednesday 17 June, 2020.
LUANDA, June 16 (Xinhua) -- Angola and the United Arab Emirates (UAE) have ratified a Convention to Avoid Double Taxation and Tax Evasion, director of the press office of the Angolan General Tax Administration said on Tuesday.
Braulio Assis said the tax agreement aims to ensure a greater flow of investment between the two countries, boost the economy, prevent resident entrepreneurs of both countries from paying taxes in Angola and the UAE, and rule out the possibility of tax evasion.
The agreement will help cross-check information on values, accounting and tax declared in the two countries, and improve payment balance, the director said.
"Trade between the two countries has become intense in recent years due to the strong existing trade relations, which led the two governments to sign a protocol to alleviate the tax burden of companies operating in their respective economic territories," Assis said.
The initial period of validity of the tax agreement is expected to begin on Jan. 1, 2021.