According to a release from the Angolan National Assembly, Angola's new VAT (IVA) regime has been approved for implementation. The new regime includes a standard VAT rate of 14% which replaces the current 10% consumption tax ({News-2018-08-03/P/2-previous coverage}). For small taxpayers with annual revenue below USD 250,000, a 50% reduced rate will apply (i.e., a 7% rate). The regime also includes certain exemptions, including for basic foodstuffs, certain fuel products, and certain financia…