Daniel Itai – The Zimbabwe Daily
Luanda, Angola – Angola and the United Arab Emirates (UAE) have ratified their tax agreement to avoid double taxation and tax evasion.
According to the director of the press office of the Angolan General Tax Administration, Braulio Assis, the tax agreement will ensure a greater flow of investment between the two countries.
“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,” said Assis.
The director also added that the agreement wiil help boost the country’s economy, prevent resident entrepreneurs of both countries from paying taxes and rule out the possibility of tax evasion.
Moreover, the agreement is expected to aid in cross-checking details on values, accounting and tax declared in both countries, and improve the overall pay balance. The initial period of validity of the tax agreement is expected to begin on the first of January 2021.