Tax revenues from oil down sharply in Angola

1 September 2015

Angolan Finance Ministry figures show that tax revenues from oil amounted to 830 billion kwanzas (US$6.566 billion) from January to July 2015, down from 1,800 billion kwanzas (US$14.2 billion) in the same period of 2014.

Oil tax revenues fell 53.8 percent from one year to the next, though they remain higher than the figure used in the revised state budget for 2015, indicate the figures cited by the Angolan weekly Expansão.

The ministry’s figures also show that revenues from Sociedade Nacional de Combustíveis de Angola (Sonangol), corresponding to the state’s share in oil contracts for concession blocs, was the item which contributed most in the first seven months of 2015 – 518.3 billion kwanzas or 62.5 percent of the total.

Compared to the same period of 2014, the concessionaire’s portion in oil tax revenues fell by 55.7 percent.

Far behind in second place was the tax on oil income, which brought the state 243.7 billion kwanzas, down 39.7 percent, followed by the tax on oil production, with 62 billion kwanzas, down 440 percent.

The revised state budget for 2015 envisages oil revenues of nearly 1,000 billion kwanzas (US$7.9 billion) for the whole year, 64.9 percent less than the 2014 implementation estimate. (Macauhub/AO)