Angola | 2018.04.24
COMPETITION LAW APPROVED
Pursuant to the fundamental constitutional principles for the organization and regulation of economic activities, which inter alia include a mandate for establishment of a market economy based on sound competition, the National Assembly approved last week a new competition law.
Angola | 2018.04.20
NEW BLOCKS AVAILABLE
Sonangol EP recently made public its intention to transfer part of its participating interests in offshore Blocks 20/11 and 21/09 to interested investors.
Angola | 2018.04.13
RULES ON ABANDONMENT OF WELLS AND DECOMMISSIONING OF PETROLEUM FACILITIES APPROVED
By means of Presidential Decree No. 91/18, of 10 Abril 2018, the President of the Republic approved the rules and procedures applicable to the abandonment of wells and decommissioning of oil and gas facilities in Angola (onshore and offshore).
Angola | 2018.04.03
MORE FLEXIBLE RULES ENACTED FOR HIRING OF OILFIELD CONTRACTORS
By means of Presidential Decree No. 86/18, of 2 April 2018, new rules and procedures applicable to public tenders were recently enacted for: (i) the selection of Sonangol EP associates; and (ii) the procurement of goods and services for petroleum operations. The new statute revokes Decree No. 48/06, of 1 September 2006, and entered into force on 2 April 2018.
Angola | 2018.03.29
INCREASE OF THE BANKS’ REGULATORY CAPITAL AND OWN FUNDS
By means of the Central Bank of Angola ("BNA") Order No. 2/18, dated 2 March 2018, the minimum amount of the bank’s regulatory capital and own funds was increased to 7,500,000,000.00 Kwanzas.
Angola | 2018.03.28
NEW PENALTIES FOR TRANSFERS OF FUNDS IN LOCAL CURRENCY
BNA Order No. 4/18, of 7 March 2018, amended the wording of Article 12 of Order No. 9/17, of 12 September 2017, which sets forth the deadlines for the execution of transfers and remittances and the provision of funds to beneficiaries in local currency.
Angola | 2018.03.27
MINIMUM BANKING SERVICES EXEMPT FROM COMMISSIONS
Through BNA Order No. 3/18, of 2 March 2018, BNA established a set of minimum banking services exempted from commission, applicable to individual and collective accounts held by private customers, notably...
Republic of the Congo | 2018.03.23
2018 FINANCE LAW: WATCH OUT FOR NEW CUSTOMS DUTIES AND INCREASED PENALTIES FOR BREACH OF TAX RULES
The Congolese Finance Law for 2018 (Law No. 1/2018) was enacted on 29 January 2018. The main new measures, effective as from 1 January 2018, include...
Gabon | 2018.03.20
THE NATIONAL SOCIAL SECURITY FUND DECIDES TO WRITE-OFF COMPANY DEBT
The National Social Security Fund (CNSS) issued a press release on 19 January 2018 on the adoption of exceptional measures relating to debt write-offs...
Angola | 2018.03.12
GENERAL STATE BUDGET LAW FOR 2018 AUTHORIZES AMENDMENTS TO TAX LAWS
The General State Budget for 2018, recently enacted by Law No. 3/18, of 1 March 2018, authorizes the President to make several amendments to tax legislation, namely in respect of Investment Income Tax, Consumption Tax and Stamp Duty, as well as amendments to the Customs Code. The amendments include: