Angola and oil companies reach agreement on tax payments

26 June 2017

Angola’s Finance Ministry has signed agreements that it describes as “historic” with major oil companies operating in the country, which put an end to over 10 years of disputes related to tax payments, according to a statement issued on Friday in Luanda.

The statement said the disputes, which have led to several lawsuits filed with the Angolan courts, are “definitively and totally resolved” by paying certain sums to the State, which ensure full compliance with the fiscal situation of the largest oil companies in Angola.

The Ministry of Finance welcomed the conclusion of the agreements that put relations between the General Tax Administration and oil companies back to normal. The companies include Total, Chevron, ExxonMobil, ENI, BP, Statoil and the agreement boosts confidence in the country, while opening up the way for increased investment in the oil sector. (macauhub)