The New Private Investment Law ("NPIL") was published on 26 June 2018, which revoked the prior private investment legal framework, as approved by Law no. 14/15 of 11 August 2015.
The NLIP proceeded with a several amendments within the framework of private investment in Angola, with the aim of "(...) diversify the national economy and further growth and specialization of production (…) " and "adjustment of the legal and institutional framework making private investment faster, easier and safer (...) ".
Please refer to some of following changes:
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Lack of minimum amount of private investment as for the grant of benefits and incentives. Such benefits may be of a tax and financial nature, and this automatic allocation, insofar as the investment complies with the criteria established in the NPIL;
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Investment schemes - establishment of two schemes (i) a prior declaration system, characterized by the simple presentation of the investment proposal to the competent body / AIPEX and (ii) special scheme applied to priority sectors of activity and to development areas;
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There is no local partnerships/local content requirement, without prejudice to the existent sectorial legal frameworks (such as the oil and gas sector);
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Expansion of development zones;
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Definition of a number of priority sectors, such as utilities and education;
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Legal consecration under the NLIP of AIPEX, as per its status previously approved by Presidential Decree No. 81/18 of 19 March;
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As already provided by the revoked legal framework, NPIL does not apply to existing Investment Projects at the date of its entry into force, unless the Private Investor so requests.
The Law no. 10/18, of June 26 came into force on the day of its publication in the Angolan official gazette ( ie. June 26, 2018).