Mozambique to tax capital gains at 32%

Mozambique will apply a 32 percent tax on future sales of local assets by foreign companies operating in the emerging coal and gas producer as it seeks a greater share of profits from its mineral wealth, a tax official said on Monday.

The parliament in the former Portuguese colony passed an amendment to its corporate income tax last week, stating that sale of local assets held by non-resident entities will be taxed at 32 percent without consideration for the time they were held.

Source: Reuters