Taxes in Angola can be paid in foreign currency

10 May 2017

Tax payments in Angola will be able to be made in foreign currency, under an amendment to the General Tax Code approved on Tuesday by the members of the Angolan parliament, Angolan news agency Angop reported.

The document, which was discussed at the meeting of parliamentary committees on Constitutional and Legal Affairs and the Economy and Finance, is a government initiative that is justified, according to the Minister of Finance, “due to geopolitical and cyclical factors (…) which forces emerging economies like Angola to renew their efforts.”

Minister Archer Mangueira also said that it was a one-off amendment aimed at raising more resources in foreign currency, reducing pressure on the balance of payments and spending abroad.

The minister also said that the proposed amendment to the General Tax Code will also make it easier for taxpayers or state-owned credit companies to have tax relief when they pay their taxes.

The proposal will also facilitate the process of paying arrears of companies that are State creditors and have fiscal responsibilities, in part or in full, depending on what has been agreed upon. (macauhub)