Angola | 2017.08.18
AMENDMENTS TO GENERAL TAX CODE ENACTED

Law No. 18/17, of 17 August 2017, amended Articles 55.2, 55.3 and 59 of the General Tax Code, enacted by Law No. 21/14, of 22 October 2014.

 

Although the rule is still that tax payments must be made in the national currency (Kwanza), the new law permits said payment to be made in foreign currency, at the request of the taxpayer or on the tax authorities’ initiative, when more than 60% of the taxpayer’s total income in the financial year the tax payment relates to resulted from revenues in foreign currency.

 

The newly-enacted law also broadens the possibility of tax credits being offset against non-tax debts, although this operation will always be subject to the prior acknowledgement of the debts by the Public Debt Management Unit (Unidade de Gestão da Dívida Pública).

 

This law entered into force on 17 August 2017.

 

For additional information, please contact:

mirandaalliance-alert@mirandaalliance.com

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