Library of Congress

Law Library of Congress

The Library of Congress > Law Library > News & Events > Global Legal Monitor

Angola: New Private Investment Law

(Aug. 27, 2015) On August 11, 2015, Angola published in its Official Gazette a new private investment law, which was approved by Law No. 14 of August 11, 2015 (Lei do Investimento Privado, Lei No. 14/15, de 11 de Agosto, IMPRENSA NACIONAL (from the drop down window, click on Diário da República Ia. Série No. 115.) The new law revoked Law No. 20 of May 11, 2011, which had formerly regulated private investment in the country. The purpose of the new law is to make the procedure for the admission of foreign investment into the country less bureaucratic and to better adapt investment incentives and tax and customs benefits to the current economic dynamics of the country, making them more attractive to investors. (Ines Barbosa Cunha, New Private Investment Law Enacted, TAX NEWS SERVICE (Aug. 19, 2015), International Bureau of Fiscal Documentation online subscription database.)

The changes established by the new law include, but are not limited to, the use of qualifying criteria to be met by the prospective investor in order to benefit from tax and customs incentives. The equivalent of US$1 million is required for foreign investments and $500,000 for domestic investments. (Id.) The responsibility for the approval of private investments now belongs to the executive branch of the government, rather than the National Agency for Private Investment (Agência Nacional de Investimento Privado). (Id.) Foreign investment in certain sectors, such as electricity and water, hotels and tourism, transportation and logistics, construction, telecommunications, and information and information technology, require a partnership with Angolan citizens or companies (public or private), who must own at least 35% of the enterprise and participate in its management. (Id.)