Angola – 2024 State Budget Law

OGE 2024 reproduces the set of rules contained in the 2023 State Budget law (OGE 2023), 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.

Authorized Economic Operators, certified as Official Brokers and Freight Forwarders, are granted the following benefits:

1. Importers and exporters

i) Possibility of paying custom 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 duties taxes due.

2. Official Brokers and Freight Forwarders

i) Reduction in the number of physical and documentary inspections.

ii) Ppriority treatment if selected for physical and documentary inspections; and

iii) Eexemption from presenting a guarantee in transit processes.

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

Employment income is exempt from Personal Income Tax (“Imposto sobre o Rendimento do Trabalho” or “IRT”) up to Kz 100,000.00 (one hundred thousand kwanzas).

• 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, with an impact in the 2023 fiscal year, 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 assets 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 the accounting.
• Revaluation amounts recognized in equity are not distributable as dividends.
• The possibility of submitting the II return in 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”).

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