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Cape Verde has introduced a raft of tax measures to negate the effects of COVID-19. It has extended the deadline for corporate income tax returns and payment for 2019 to 31st July. There has also been an extension for the annual statement of accounting and tax information to Sept 2020.
The country has also seen an extension of the deadlines for corporate income tax prepayments due in Aug and Nov, to Sept and Dec respectively. There is also the option to pay VAT in installments up to Dec 2020 for VAT due from Mar 2020.
They also extended the deadline for special single tax declarations for the first quarter of 2020 to 30 June for micro and small companies.
The World Bank has lent its support to Cape Verde’s response to COVID-19. On April 2nd it approved a $5 mi credit to aid Cape Verde’s fight against the virus. The World Bank is also rolling out a $14 bi support package to help developing nations tackle the pandemic. The African Development Bank has also granted a loan of €30 mi to the country to help fight the COVID-19 and mitigate its economic impacts. This loan will be used to fund health and social response, support macro-economic stability, and assist the private sector.
GTU will keep you abreast of the latest developments across our covered African countries.
