Africa-Press – Angola. The Executive will extend the exemption from Labor Income Tax (IRT) to public employees with salaries of up to 100 thousand kwanzas, the Finance Minister, Vera Daves, said this Tuesday in Luanda.
According to the minister, the measure appears in the State General Budget Proposal (OGE) for the 2024 economic year, delivered this Tuesday by the Executive to the National Assembly.
The current law only exempts public employees with salaries of up to 70 thousand kwanzas from the IRT.
According to the Minister of Finance, this is one of the ways to provide some relief to families through this fiscal measure.
“In this OGE Proposal we seek to balance the equation, giving some space through tax relief and through an adjustment in the remuneration of 5 percent for public employees”, he highlighted.
Increase in expenditure in the Agriculture sector
According to Vera Daves, in the proposal under consideration, the agriculture sector had an increase in its budget of around 80 percent, considering this desideratum as a strong signal from the Executive in its commitment to agribusiness and food security.
Likewise, through this budget proposal, the Executive will capitalize public financial institutions, such as the BDA, Credit Guarantee Fund, Agrarian Development Support Fund, among others, around 147 billion kwanzas.
The Minister of Finance also stated that the 2024 OGE Proposal is also sensitive to exchange rate variations, to seek to mitigate as much as possible, in order to reduce the likelihood of the budget not being executed in full.
The proposed General State Budget for 2024 includes revenues estimated at 24 billion Kwanzas and expenses set at the same amount.
The economic projections for the next financial year were calculated based on an average price per barrel of oil of USD 65.00 and an average daily oil production of 1 million and sixty thousand barrels.
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