Africa-Press – Angola. The entry into force and, consequently, the execution of the General State Budget (OGE) for the 2024 economic year was one of the main highlights of the economic area this week that ends Saturday.
The main instrument of the Angolan State’s economic and financial policy sets revenues in the amount of more than 24.7 billion kwanzas and an equal amount for expected expenses, representing an increase of 22.94% compared to the OGE/2023.
According to Law No. 15/23, of December 29th (OGE Law/2024), approved by the National Assembly on December 13th, 2023, this financial document estimates an average price of a barrel of oil of 65 US dollars and an average daily production of one million and 60 thousand barrels, forecasting an annual production of around 388 million barrels.
The week also marked the entry into force of the new collection of Value Added Tax (VAT) at 5%, for 20 categories of widely consumed food products.
The diploma was approved by the National Assembly, in November 2023, in a proposal by the Angolan Executive to reduce this tax from 14 to 5% on basic basket products.
For the province of Cabinda, VAT was reduced from 2 to 1%, taking into account the special regime in force in that region.
This VAT reduction applies to products such as fresh and frozen pork, beef, goat, lamb meat and its offal, frozen and dried fish, chicken thighs, condensed and powdered milk, margarine, eggs, beans, sweet potatoes and reindeer potato.
It also requires a reduction in cassava and yams, corn grains, wheat grains, massango grains, soybeans, sugar, salt, corn flour, cornmeal, wheat flour, meat sausages, bread, cooking oil, mineral and table water and soap.
This week, the first week of 2024, commercial banks in Angola started paying 700 kwanzas in interbank commission, if their customers withdraw money from Automatic Teller Terminals (ATM) of other banking institutions.
The measure, which does not affect multicaixa card users, began on January 1st and covers all banks that issue payment cards and install ATMs in the country, according to the Interbank Services Company (EMIS).
Previously, the interbank fee for withdrawing monetary values from ATMs from different banks was 350 kwanzas, a commission that, this year, increases to Kz 700, an increase of 100% of the previous value.
In the fiscal domain, the General Tax Administration (AGT) started, in tax offices or posts, the campaign for voluntary payment of property taxes (IP) and taxes on Motor Vehicles (IVM) for the year 2023.
For payment, taxpayers can make an appointment via the Taxpayer Portal or the AGT website for online or in-person assistance, as well as request support from the Taxpayer Support Center, to facilitate the fulfillment of this task.
Property Tax on property ownership must be paid by the last business day of March by the taxpayer, but may, however, be paid in six consecutive installments, at the request of the interested party.
The Tax on Motor Vehicles (IVM), approved by Law no 24/20, of 13 June, which revoked the Circulation Tax, approved by Legislative Diploma no 3837, of 30 July 1968, is charged from 1 January June of each year.
In the oil sector, the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, announced the completion, for this year, of the first gold refinery in Angola and the first phase of construction of the Barra do Dande Ocean Terminal (TOBD), with capacity to store 582 thousand cubic meters of liquid and gaseous fuels.
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