Oil provides income of US$5.729 billion in tax to Angola in the first half

1 August 2018

Angola secured tax revenues of 1.47 trillion kwanzas (US$5.729 billion) from the sale of 233.87 million barrels of oil in the first half of 2018, according to figures from the Ministry of Finance compiled by Angolan news agency Angop.

The highest monthly amount was recorded in June, when 299.84 billion kwanzas were collected, from the export of 47.39 million barrels of oil at an average price of US$75.15 per barrel.

In the first half of 2017, tax revenue from exports of 294.59 million barrels of oil totalled 793.23 billion kwanzas.

In this period, the price of a barrel of oil fluctuated between US$49 and US$52, made up from taxes on income from oil (IRP), oil production (IPP) and oil transaction (ITP) charged to 13 operators.

The General State Budget for 2018 was drawn up based on the projected price of a barrel of oil of US$50. (macauhub)