Angola’s tax revenues from oil exports in sharp decline

19 October 2015

The drop in Angolan tax revenues from oil exports worsened in September, falling 52.8 percent over the same month of 2014, representing income of 114.8 billion kwanzas (US$844 million), said the Ministry of Finance.

Figures from the Ministry showed that each barrel of oil exported by Angola in September had an average price of US$44.84 against US$53.91 in August, US$59.47 in July and US$61.86 in June (the highest value in 2015).

In September 2014 the total revenue from Angolan oil exports amounted to 243.3 billion kwanzas (US$1.789 billion), representing a decline of 52.8 percent in 2015.

The amount of oil exported is also falling and in September 2014 stood at 57,163,453 barrels, and now, a year later, is down to 55,310,991 barrels.

These figures are based on revenue collected by the Oil Income Tax (IRP), Tax on Oil Production (IPP), Oil Transaction Tax (ITP) and revenues of the national oil company.

The figures included in the Ministry of Finance report are from the tax returns submitted to the National Tax Directorate by oil companies, including Angolan national concessionary, public company Sonangol.

In 2014 oil accounted for about 70 percent of Angola’s tax revenues, but this year should not exceed 36.5 percent, according to government forecasts, due to the fall in oil prices. (macauhub/AO)