Praia, Cape Verde, 16 March – The Cape Verdean government has approved two law proposals with new income tax codes, as part of the fiscal reforms implemented by the local Public Finances, the spokeswoman for the cape Verdean government said Monday in Praia.

Janira Hopffer Almada, who is also Minister for Youth and the Presidency of the Council of Ministers, said that the decision had been made at the end of last week and had made it possible for the government to approve the codes for the Single Corporate Income Tax and Individual Income Tax.

In relation to corporate tax, Hopffer Almada said that the government, “is focusing on transparency in order to continue combating tax evasion and fraud,” paying “special attention” to improved treatment of the taxpayer.

“With the new Code there also comes greater conformity between the accounting standards system and the financial report,” Hopffer Almada said.

Two tax regimes have been established via this new law: The organised accounting regime and the simplified regime.

The government spokeswoman said that in terms of the Single Income Tax on Individuals the aim was to streamline income categories, with a variable rate of tax based on the income of each taxpayer.

“Since 2001, there has been a reduction in the tax burden in terms of the maximum rate of 10 percent,” she said, adding that the government intended to “continue reducing the tax burden.” (macauhub)