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Notícias (File photo)
A bill approved by the Council of Ministers yesterday will raise the import duty on vehicles more than seven years old in order to discourage the import of older vehicles.
Other new provisions encourage domestic production and widen the tax base through measures such as ending the tax exemption on frozen horse mackerel on imports, which will now attract the general rate of 20 percent.
At its 33rd ordinary meeting, the Council of Ministers also decided to lift the tax exemption on the import of vehicles with a cubic capacity of up to one thousand cubic centimetres.
The bill now to be submitted to the Assembly of the Republic reduces rates on the import of new vehicles, in a clear incentive for the collection of state revenues.
Spokeswoman Ana Comoana explained that, under the proposed law, import duties would vary according to criteria such as luxury in the case of vehicles and or alcohol content in the case of beverages.
Comoana said the government’s aim was to stimulate investment, promote the emergence of new industries, encourage the use of local raw materials, broaden the tax base and, as a result, increase revenue for the state and create new jobs.
One example is the proposal to reduce imports duties on goods used in the printing industry from the current 20 percent to only 7.5 percent.Source: Notícias
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