Issuing an invoice or an equivalent document for goods or services transactions worth over 1,000 kwanzas (US$10) is now a requirement for all economic agents in Angola, Angolan news agency Angop reported.

The new rule is included in the Legal Regime for Invoices and Equivalent Documents recently published, which is intended to ensure that all transactions are properly documented.

“This means that the process of formalizing the Angolan economy now has a new tool,” according to technicians from the National Directorate for Taxes, of the Finance Ministry.

According to the National Tax Directorate, “the aim of this measure is to boost mechanisms for tax inspection, and, consequently, to limit use of the informal market.”

The National Tax Directorate warned that “the entities that do not comply with this invoicing requirement will risk being fined, which will range from 20 to 40 percent of the value of the transaction of the goods sold or service provided.” (macauhub)