Tax revenues from the sale of Angolan diamond decrease

26 June 2015

Angola’s internal revenue from the sale of diamonds fell by 5 percent between January and May compared with the same period of 2014, totalling 3.441 billion kwanzas (US$28.5 million), according to the General Tax Administration (AGT).

In the first five months of the year Angola sold 3.4 million carats of diamonds, a year on year increase of 3.8 percent, which earned US$480.5 million.

Industrial tax and royalties are charged on diamond sales and the amount of the former is calculated at the end of each financial year in addition to tax on profits earned by companies in the sector.

In 2014, Angola raised about 10 billion kwanzas (US$83 million) in taxes on the sale of diamonds, of which 8.75 million carats were exported for US$1.308 billion.

Angola is the Africa’s third largest diamond producer by quantity and value, only surpassed by Botswana, the world’s largest producer with about 38 million carats, and the Democratic Republic of Congo, with 30 million carats. (macauhub/AO)