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Updated on: Friday, October 29, 2021, 11:12 AM IST

Angola govt to reduce VAT to 7% from 14% on essential consumer goods

The VAT cut involves a basic basket of food stuff and extends to small and medium-sized boats and fishing artifacts, agricultural and industrial machinery, and equipment, as well as agricultural inputs / Representational Image |

The VAT cut involves a basic basket of food stuff and extends to small and medium-sized boats and fishing artifacts, agricultural and industrial machinery, and equipment, as well as agricultural inputs / Representational Image |

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Angola's government has decided to reduce the rate of value added tax (VAT) on a set of essential consumer goods, from 14 per cent to 7 per cent, an official release said on Friday.

The measure came out at the 10th ordinary session of the country's Council of Ministers, Xinhua news agency reported.

The VAT cut involves a list of the basic basket of food stuff and extends to small and medium-sized boats and fishing artifacts, agricultural and industrial machinery and equipment, as well as agricultural inputs.

The measure falls within the scope of the country's macroeconomic stabilization process and aims to alleviate the current cost of living of the Angolan families, according to the communique of the meeting.

(With inputs from IANS)

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Published on: Friday, October 29, 2021, 11:12 AM IST
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