Computer system for VAT ready by 70 percent
Tue, 26 Feb 2019 18:28 - Economy
Luanda - At least 70 percent of the computer system for the implementation of the Value Added Tax (VAT), which is to come to effect on July 1 this year, has been reached, the technician of the General Tax Administration (AGT), Emanuel Carvalho, said on Tuesday.
- General Tax Administration technician, Emanuel Carvalho
The Parliament passed last week the fourteen percent flat rate VAT which comes to replace the still-in-force Consumer Tax rate of 10%.
The e-infrastructure to support all activities related to the payment and settlement of VAT, a computerised system with billing management software, will enable the communication between AGT and Large Taxpayers, the target audience of the first phase of the implementation of the aforementioned tax.
The implementation of VAT aims to combat tax evasion and fraud and the gradual framing of the informal economy.
The tax will be initially applied to large taxpayers, but those with the organised accounts and appropriate IT conditions can also join.