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New tariff bill in Angola could boost domestic veg production
The National Assembly (AN) in Angola approved Friday the new Draft Law on the Update of Harmonised Customs Tariff that provides for the changes in rates for various products to boost the country's diversification of the economy and increase domestic production.
The Draft Law is part of the Executive's strategy to increase domestic production and reduce the inflation levels, the cost of living and improve people's living standards.
The minister of Finance, Archer Mangueira said that the diversification of the economy and promotion of national production will be secured by increasing the rates of products in which the country has some production, such as basic food products, vegetables, alcoholic beverages, soft drinks, mineral water among others.
As for imports, the Draft Customs Tariff Law maintains national products free of import duties and reduces service fees, from 1 percent to 0.5 percent.
On the other hand, the export of nationalised import goods will be taxed at a rate of 20 per cent of customs duties.
The Minster, said that the measure is meant to discourage the export of goods imported by final consumption in the national territory using the expenditure of foreign exchange reserves.
The New Customs Tariff comes into force 90 days after its adoption by the National Assembly.
Publication date: 11/21/2017
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