Law firms operating in Angola subject to Industrial Tax

15 May 2019

The new Industrial Tax Code of Angola requires law firms to pay Industrial Tax, in addition to introducing changes to the calculation of tax deductions and benefits, according to the Legis-Palop+TL legal database.

Law 4/19, signed off by the President of the Republic and already in force, aims to “introduce flexibility, material justice and equity in the field of corporate income taxation, taking into account the concrete reality of the country.”

The changes introduced include the fact that liberal professions as part of corporations or associations are subject to payment of the Industrial Tax, “which includes, for example, law firms, whether domestic or foreign.”

For the purposes of this tax, the exchange differences resulting from fixed assets and liabilities of more than 7% per year are no longer considered as income or as costs. (Macauhub)