The President of the Republic, Daniel Chapo, has promulgated and ordered the publication of the law amending the Value Added Tax Code (VAT).

A press release from the Presidency states that the above-mentioned law was recently approved by the Assembly of the Republic and submitted to the President of the Republic for promulgation, with the Head of State verifying that it does not contradict the Fundamental Law.

When it was approved, Carla Loveira, Minister for the Economy, said that value added tax is an indirect tax and is levied on expenditure.

This tax, he explained, is levied on the transfer of goods, provision of services and imports carried out on national territory at all stages of the economic circuit, from production, import or acquisition to sale by the retailer.