"Mozambique has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 4.3% in 2019, and is projected to grow by 4.5% in 2020. The country's inflation rate has also been relatively low, averaging at 3.2% in 2019.
The country's main exports are aluminum, coal, and natural gas, which account for around 40% of its total exports. The country also has a large agricultural sector, which accounts for around 25% of its GDP.
Mozambique has seen a steady increase in foreign direct investment (FDI) over the past few years. In 2019, FDI inflows to the country totaled $2.3 billion, up from $1.7 billion in 2018.
Overall, Mozambique's economy has been growing steadily, and the country has seen an increase in FDI inflows. With the right policies in place, the country could continue to see strong economic growth in the years to come."
In Mozambique, both individuals and businesses are subject to taxation. The tax system is administered by the National Revenue Authority (Autoridade Tributária de Moçambique, or AT), which is responsible for collecting taxes and enforcing tax laws.
For individuals, the tax system is based on a progressive income tax rate, ranging from 0% to 32%, depending on the amount of income earned. The tax year in Mozambique runs from January 1st to December 31st, and individual tax returns are due by March 31st of the following year.
For businesses, the corporate income tax rate is 32%, and there is also a value-added tax (VAT) of 17% on most goods and services. The tax year for businesses is the same as for individuals, and tax returns are due within six months of the end of the tax year.
Tax payments can be made online or in person at a tax office, and penalties may apply for late or incorrect payments. The AT also offers various tax incentives and exemptions to encourage investment in certain sectors and regions. In addition, there are specific taxes for certain industries, such as mining and petroleum, and there are also customs duties for goods imported into the country.
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