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Economy update from Angola

Presidential Decree 40/16, of 24 February โ€“ approves the General Terms of the Strategyย against the Crises Deriving from the Fall in the Oil Price in the International Market, consistingย of measures to be implemented by the State, among which the following may be noted:

1. Private investment and increase of domestic productionย 

The State is compromised to capture more foreign investment by entering into Agreements onย Mutual Promotion of Investments and Agreements to Avoid Double Taxation, as well as toย facilitate the visas procedure and to promote partnerships between foreign and local investors.
Directed Programs of private investments, with the aim to increase the domestic productionย and short-term exports, will be implemented. Mechanisms to promote exports, such as creditย lines and export credit insurances, will also be implemented.

The following products were identified as having potential for short-term exports: diamonds,ย ornamental rocks, cement / building materials, coffee, honey, fishery products and derivatives,ย wood, iron ore, alcoholic and non-alcoholic beverages, legumes, vegetables and tubers, iodizedย salt and services (transport, tourism and telecommunications).

The following were also identified as priority sectors: agriculture and forestry, foodย industry, manufacturing (cement, glass, plastics and building materials) and services (such asย insurance and reinsurance).

Projects on renewable energy sources and logistic platforms are also proposed to beย developed.

2. Increase of non-oil tax revenuesย 

The withholding of several taxes under the Integrated System for State Financial Managementย (โ€œSIGFEโ€) is proposed. Furthermore, the Program for Maximization of Tax Revenues for 2016ย (โ€œPPRTโ€) defines 25 priority measures, such as: supervision of non-oil taxes by oil companies,ย oversight of tax payments by the key companies in the market, recovery of tax and customsย debts, collection of capital applications tax (IAC) by BNA, collection of taxes withheld by publicย entities, liens over credits and movable and immovable property, review of the minimumย profits table of personal income tax (โ€œIRTโ€), promotion of electronic communication andย combat against the informality, notably by promoting awareness campaigns regarding taxย obligations.

3. Foreign exchange and monetary political
The granting of credit to the productive sector will be deemed as priority. BNA will then adoptย flexible measures on currency political, by interspersing moments of expansion with times ofย contraction. Special attention to commercial banks with liquidity problems will be given.

4. Rationalization of imports
The intention is to discourage the importation of everyday consumer goods, namely by theย adoption of tax measures.

5. Increase of the price of fuel
Fuel prices will continue to increase, with the aim to approach them to the values practiced byย the international markets.

Banking and Tax
Presidential Decree 1/16, of 24 February โ€“ approves the Legal Framework of the Specialย Contribution over Banking Operations to remains in force during 2016. This Presidentialย Decree will however enter into force on 24 May, 90 days after its publication.

This special contribution, with a tax rate of 0,1% over the value of the banking operation,applies to the following operations: debt movements on deposit accounts, loans, savings andย escrow accounts; credit movements on bank accounts; payments by the bank of any amountsย on behalf of third parties and any other movements or transmission of values. Financialย institutions (banking or non-banking) are the taxable persons, but the tax is supported by theย account holder.

Financial institutions not complying with such payments obligations are subject, inter alia, toย the application of fines with an amount up to the triple of the due contribution.

 

The content of this newsletter is general and abstract neither does it seeks to provide legal assistance directed to the particular case. FBLย Advogados is pleased to assist any interested party regarding the terms and impact of these new laws and its team is duly prepared to provideย legal assistance, by proposing solutions and recommendations. For more information, please contact:
Guiomar Lopes
guiomar.lopes@fbladvogados.com

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