Angola – 2024 State Budget Law proposal

Customs Code

The proposal reproduces the set of rules contained in the 2023 SB law, with the exception of the provision introduced on electronic auctions, which establishes that auctions are carried out by applying the rules defined in the Customs Code.

Benefits for Authorized Economic Operators

The 2024 SB law proposal replicates the set of benefits provided for in the 2023 SB law for authorized economic operators, namely:

1. 1. Importer and exporters

i) Possibility of paying customs duties in installments; ii) 60-day deadline for presenting the Declaration of Exclusivity Commitment on goods imported into the Production Sector; iii) exemption from presenting a guarantee in the customs clearance process; and the possibility of customs clearance of goods with deferral of payment of duties and other customs taxes due.

2. Official Brokers and Freight Forwarders

i) Reduction in the number of physical and documentary inspections; ii) priority treatment if selected for physical and documentary inspections; and iii) exemption from presenting a guarantee in transit processes.

Special Gaming Tax

The 2024 SB law proposal replicates a set of gaming taxation rules provided for in the 2023 SB law and extends the banked games regime to automatic machines, with some specificities.

Personal Income Tax

Employment Income may be exempt from Personal Income Tax (“Imposto sobre o Rendimento do Trabalho” or “IRT”) up to Kz100,000.00 (one hundred thousand kwanzas).

Corporation Tax Code

• Equity variations and latent capital gains or losses resulting from the updating of fixed assets – tangible fixed assets, intangible fixed assets and investments in real estate – at fair value must be fiscally neutral, and shall not be taken into for the purposes of assessing the taxable base for Corporation Tax (“Imposto Industrial” or “II”) purposes.
• Depreciation and amortization of fixed asset elements in the part resulting from the revaluation should not be tax deductible.

• The application of the rules referred to above shall depend on compliance with accounting standards, including the segregation of revaluation operations in accounting.
• Revaluation amounts recognized in equity should not be distributable as dividends.
• The possibility of submitting II return on paper should be eliminated.
• Costs incurred by taxpayers in the agricultural and livestock sector with investments in infrastructure necessary for the production and flow of products must be considered tax deductible, for a period of five years, subject to prior approval by the Angolan general tax authority (“Administração Geral Tributária” or “AGT”).

Amendment to the Code of Tax Enforcement Procedures

The concept of non-regularized tax situation is extended to taxpayers who are in breach of any obligation provided for in Tax Laws.