Angola | 2017.01.02

The Angolan State Budget for 2017 has been enacted by means of Law No. 22/16, of 30 December 2016.


The President of the Republic is expressly authorized to cancel payments of up to 100% of the budget allocations for certain projects contemplated in the public investment program and development support expenditures in the event of a shortfall in the collection of revenues.


The State Budget also sets forth that tax revenues from the petroleum sector derived from an average crude oil export price exceeding USD 46,00 per barrel shall be recorded as National Treasury Reserve and may only be utilized upon prior and express authorization from the President of the Republic.


Presidential Legislative Decree No 1/16, of 24 February 2016, which approved the 0,1% Special Contribution on Banking Operations, was revoked. The 10% Special Contribution on Current Invisibles Exchange Transactions is extended for year 2017.


The State Budget entered into force on 1 January 2017.


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