Angola to cut VAT from 14 to 7 pct

Angola's government has decided to reduce the rate of value added tax (VAT) on a set of essential consumer goods, from 14 to 7 percent, an official release said Thursday.

The measure came out at the 10th ordinary session of the country's Council of Ministers.

The VAT cut involves a list of the basic basket of food stuff and extends to small and medium-sized boats and fishing artifacts, agricultural and industrial machinery and equipment, as well as agricultural inputs.

The measure falls within the scope of the country's macroeconomic stabilization process and aims to alleviate the current cost of living of the Angolan families, according to the communique of the meeting.