Angola’s state budget for 2019 will be different from every previous one

25 June 2018

Angola’s 2019 General State Budget (OGE) is being prepared differently from every budget produced so far, as it outlines actions for the sustainability of public debt and the quality of expenditure, Angola’s Minister of Finance said in Cacuaco.

Archer Mangueira added that next year’s State Budget is also aligned with the National Development Programme for 2018/2022, which sets the goals of economic development until 2022, as well as the medium-term fiscal framework, according to state newspaper Jornal de Angola.

The minister’s statements were made at the end of the 9th Consultative Council of the Ministry of Finance with the minister giving assurances that the document for 2019 will be “a new instrument, which will set a new paradigm for the management of public finances.”

The Secretary of State for Finance and Treasury, Vera Daves, said that the strategy for the introduction of Value Added Tax (IVA) is based on the concept adopted by the Ministry of “raising more revenue, without affecting citizens’ pockets” and that there will be a, “long process,” of defining the legislation, application and scaling of the fiscal system to carry out this operation.

The Council issued more than 90 recommendations, including one which exempts pensions from IVA, according to information obtained by Jornal de Angola, will charged at a rate of over 10%, but lower than the average for the Southern African Development Community (SADC). (macauhub)