Angola - Amendment of the Private Investment Law

In brief

It was published Law 10/21, of 22 April, which amends the Private Investment Law, approved by Law 10/18, of 26 June.

Among the main amendments, we highlight the following:

• It was introduced the contractual regime, applicable to all sectors of activity, which allows the negotiation of tax incentives and facilities and the conditions for the implementation of the investment project. Prior declaration and special regimes are continue to be applicable;

• The tax benefits are now referred to the Tax Benefits Code (still to be approved);

• The investment amount and number of jobs created are now additional criteria for the purposes of granting benefits and facilities;

• Foreign investors may now transfer abroad investment-related amounts (e.g. dividends) before the full implementation of the investment project;

• Domestic credit is now accessible to foreign investors and companies majority held by them (previously only accessible after implementation of the investment project);

• Investors are now exempt from obtaining provisional licenses and other authorizations for the purpose of implementing investment projects. In case such licenses / authorizations prove to be indispensable, the relevant issuing entities are obliged to comply with the deadlines set out in the implementation schedule agreed with the investor;

• Companies with prior investments executed without a Private Investment Project may now regularise the registration of the investment (which may entitle the right to repatriate dividends), although with no  access to tax benefits.

The Law entered into force on the date of its publication.

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