27/10/20

INTERNATIONAL TAX: Angola and Portugal eliminate double taxation.

As published on alkhaleejtoday.co, Monday 26 October, 2020.

The convention between Angola and Portugal, which eliminates double taxation in terms of income taxes and prevents tax evasion and fraud, has already been published in Diário da República.

This agreement does not intend to create an opportunity for non-taxation or reduced taxation, through fraud or tax evasion, namely through abusive constructions aimed at obtaining the relief provided for in the convention, for the indirect benefit of residents of third states.

According to the diploma, income taxes are considered to be all taxes levied on total income or on income elements, including taxes on gains derived from the sale of securities or real estate, taxes on the total amount of wages or wages paid by companies, as well as taxes on capital gains.

The classes covered by the agreement are, for Portugal, taxes on Personal Income (IRS), on Corporate Income (IRC) and for Angola, Income Tax (IRT), Industrial (II ), Urban Building (IPU) and on Capital Investment (IAC).

In January, the Council of Ministers had already approved the agreement on the Promotion and Reciprocal Protection of Investments, initialed in Luanda, between the governments of Angola and Portugal, to stimulate business initiatives in both countries. By the third quarter of this year, Angola had already signed Investment Promotion and Protection Agreements (APPRI) with 11 countries, Portugal, Spain, South Africa, Guinea-Bissau, Cape Verde, Qatar, Germany, United Kingdom, Italy, Russia France.

Such agreements are being negotiated with Japan, Ukraine and Belarus. APPRI are bilateral agreements that aim to demonstrate to international investors the existence of a legal and security mechanism for the realization of their investments.

According to the administrator of AIPEX, José Chinjamba, speaker at a meeting held in August, the architecture of APPRI of the latest generation must understand the limited definition of investment, “clearly defining the assets that must be protected”. “Clarification and provisions such as indirect expropriation, fair treatment and the most favored nation ”, as well as investor versus state dispute resolution, namely transparency in arbitration procedures, open sessions, publication of documents and public participation by civil society must also be included in the agreements. Regarding arbitration decisions in the scope of foreign investment, José Chinjamba reported that 106 cases of arbitration proceedings against African States were registered in 2019, in the amount of US $ 55.5 billion, of which only that amount was paid 4.6 billion dollars.

These were the details of the news Angola and Portugal eliminate double taxation for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at time24.news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.