It establishes the requirements and procedures for registering the members of the Board and Audit Committee, as well as any responsible for relevant management functions, on insurance, reinsurance, and microinsurance companies, pension fund management companies based in Angola, as well as branches and other forms of representation of foreign companies operating in Angola.

Directive No. 02/2024, of 25 March 2024, issued by the National Bank of Angola (BNA).

The General State Budget for 2024 was enacted by means of Law No. 15/23, of 29 December 2023 (“State Budget Law”), which entered into force on 1 January 2024.

A new General Labor Law (“NGLL”) has finally been enacted by Law No. 12/23, of 27 December 2023, which was recently published in the Official Gazette. The law shall come into force on 26 March 2024, i.e. 90 days as from its date of gazetting.

Through Order No. 13/23, of 14 December 2023, the National Bank of Angola (BNA) established new criteria and procedures that must be observed by Banking Financial Institutions for the contracting of forward exchange operations with their clients, i.e. operations for the purchase (sale) of Kwanzas and sale (purchase) of a foreign currency, in certain amounts and at certain exchange rates and future maturity dates.

Directive No. 11/2023, of 24 November 2023, issued by the National Bank of Angola (BNA), set the following interest rates:

The Order of the Ministry of Finance No. 6348/23, of 23 October approved the launch of the Public Tender for the privatization of the POUPA LÁ Store Network, in the modality of disposal of assets, namely:

New rules on entry visa exemption and simplification of the tourist visa procedure were approved on 29 September 2023, by means of Presidential Decree No. 189/23, of 29 September 2023, becoming effective on the same date.

According to the information provided on the General Tax Administration (AGT) website, taxpayers with pending tax or custom duties related debts may benefit from an exceptional settlement regime until 31 December 2023.

Directive No. 08/2023 of 19 July 2023, issued by the National Bank of Angola (“BNA”) set the following interest rates:

Following the plenary session meeting of the Financial Action Task Force (FATF), by means of the Circular Letter No. 05/2023, of 11 July 2023, issued by the National Bank of Angola (“BNA”) discloses the following:

Through Order No. 5/23, of 28 June 2023, the National Bank of Angola (BNA) defined the minimum share capital applicable to Non-Banking Financial Institutions engaged in currency and credit activities.

Aiming to promote financial inclusion and diversification of credits available, the National Bank of Angola (BNA), as the Banking Supervisory Authority, has recently approved a new regulatory package applicable to Microfinance Institutions and Cooperative Credit Companies:

Pursuant to the legislation dealing with the Angolan Payments System, which foresees the issuance of electronic money by payment services providers authorized by the National Bank of Angola (“BNA”), BNA’s Instruction No. 05/23, of 29 May 2023 (“Instruction”), which entered into force on the following day, sets forth four types of electronic money accounts, as well as the rules and procedures for opening and operating same.

The statute will now be subject to the President of Republic assent and then finally gazetted in the Official Journal. The new General Labour Law will be effective 90 days as from such final moment.

The General State Budget for 2023 was enacted by means of Law No. 2/23, of 13 March 2023 (“State Budget Law”), which entered into force on the same day. In general terms, the State Budget Law maintains the tax provisions introduced by the 2022 State Budget, but it also contains important new features, notably in respect of Personal Income Tax and Customs Duties. The main tax and customs measures applicable in 2023 are as follows:

Foreign exchange operations executed by individuals are liberalized and are accordingly exempt from licensing by the National Bank of Angola and will now become subject to the rules set forth in National Bank of Angola’s Order (Order) No. 3/23, of 9 March 2023.

Order No. 1/23, of 30 January, of the National Bank of Angola approved new rules for the opening, maintenance, operation and closure of bank accounts by natural and legal persons. From the now applicable regime we highlight the following:

Through Circular Letter No. 10/2022, of October 27, which came into force on the same day, the National Bank of Angola (BNA) has indicated the procedures and measures that should be adopted by Financial Institutions, due to the definition, by the Financial Action Task Force (FATF), of measures against jurisdictions with strategic deficiencies in the prevention of money laundering and the financing of terrorism.

The National Bank of Angola Instruction No. 12/22, of 19 October 2022, which entered into force on the same day

The BNA Order No. 19/22, of 12 October 2022

The National Bank of Angola’s Order No. 17/22, of 7 October 2022

Companies pertaining to the petroleum industry and companies that provide services and goods to this sector must submit to the Ministry of Mineral Resources, Petroleum and Gas (“MIREMPET”), until 31 October, the Human Resources Development Plan (“HRDP”) for 2023, as per Article 13 of the Legal Framework on Local Content in the Petroleum Industry, approved by Presidential Decree No. 271/20, of 20 October 2020.

The Republic of Angola overhauled the legal framework governing administrative activity, which had been in force without significant amendments for almost 30 years, through the enactment of three structuring laws in the field of Public Law.

The Angolan Government decided to grant the public a day-off on the 24th of August 2022

In the context of revising the regulatory framework applicable to the Insurance Industry in Angola

BNA Order No. 14/22, of 5 July 2022, was recently enacted, with the aim of simplifying the rules applicable to foreign exchange capital operations.

Instruction No. 6/2022, of 24 June 2022, which entered into force on the following day, updated the limits for the sale of foreign currency by Payment Service Providers and Exchange Offices, as follows:

Por comunicado de 31 de Maio de 2022, a Administração Geral Tributária informou os contribuintes de que as obrigações de submissão eletrónica das declarações fiscais e do correspondente pagamento dos impostos devidos, cujo prazo terminava no dia 31 de Maio, podem ser cumpridas até ao próximo dia 3 de Junho, sem acréscimo de juros ou penalizações.

Presidential Decree No. 112/22, of 16 May 2022, declared the end of the Public Calamity Situation in Angola and revoked Presidential Decrees No. 142/20, of 25 May 2020 and 72/22, of 31 March 2022. However, the general duty to protect the public health remains applicable to all natural and collective, private and public entities, which must establish and enforce biosafety rules appropriate to contain the spread of the Covid-19 pandemic.

Pursuant to National Bank of Angola’s Order No. 13/22, of 4 May 2022, commercial banks must comply with a daily foreign exchange position that does not exceed 10% of their regulatory own funds.

National Bank of Angola Order No. 12/22, of 4 May 2022, establishes the minimum share capital and regulatory own funds applicable to Non-Banking Financial Institutions, including, among others, Exchange Offices and Payment Service Providers.

The regulations on the mandatory social protection regime for self-employed individuals has been approved by Presidential Decree No. 97/22, of 2 May 2022. This new statute sets out the rules on the registration and enrollment with the Social Security of individuals that carry out a professional activity without an employment contract or similar document and are not enrolled with the social protection regime applicable to employees. The contribution rate is of 8% of the remuneration declared to the Social Security Entity or 11% if the individual chooses the extended contributive option. The contribution rate of individuals with a low income is of 4%. This legal statute has entered into force on May 2nd.

Presidential Decree No. 96/22, of 2 May 2022, was approved subjecting employers to rules on the drafting and implementation of job qualifiers, which have become mandatory for companies with more than ten (10) job posts with different functions. Companies that already have a job qualifier and those that, from now on, are required to have one, have a period of 12 (twelve) months to comply with the new rules. Companies incorporated after DP No. 96/22 has come into effect are entitled to a grace period of twelve (12) months to prepare and implement a job qualifier. The failure to have a job qualifier entails the assessment of a fine of 5 to 10 times the company´s average monthly salary whereas the lack of compliance with the rules on the drafting of the job qualifier entails a fine of 3 to 6 times the company´s average monthly salary. This legal statute has entered into force on May 2nd.

The National Bank of Angola Instruction No. 2/2022, of 29 March 2022, defined prudential limits for large exposures and Financial Banking Institutions’ shareholdings in non-financial companies, in accordance with the provisions of Order No. 08/2021, of 5 July 2021, on prudential requirements.

The measures to prevent and control the spread of SARS-CoV-2 virus, as well as the rules for the functioning of public and private services, social facilities and activities during the period of public calamity, were updated.

Foreign exchange rules applicable to entities engaged in activities of prospecting, exploration, appraisal, development, production and sale of Non-Associated Natural Gas and its derivatives, such as condensate, Non-Associated Natural Gas liquids and Liquified Natural Gas, as well as associated services, have been amended by means of National Bank of Angola Order (Aviso) No. 8/22, of 25 March 2022. Order (Aviso) No. 3/21, of 12 April 2021, was revoked.

The National Bank of Angola Order No. 7/22, of 15 March 2022, which entered into force on the same day, establishes, in certain situations, a preference for payment in Kwanzas of insurance and reinsurance premiums to which operators in the Oil & Gas Sector in Angola are parties, as follows:

CMC Regulation No. 3/22, of 9 March 2022, which came into force on 10 March, established the rules applicable to the incorporation, organization and operation of Investment Companies’ Autonomous Asset Compartments.

Through Order No. 6/22, of 3 March 2022, which enters into force on April 2, the National Bank of Angola updated the limits and conditions applicable to the entry and exit of cash (or bearer means of payment) in the country, under the following terms:

Presidential Decree No. 54/22, of 17 February 2022 was approved updating the statutory national minimum monthly salary per economic sector as from 17 February 2022.

The measures to prevent and control the spread of SARS-CoV-2 virus, as well as the rules for the functioning of public and private services, social facilities and activities during the period of public calamity, were updated by Presidential Decree No. 31/22, of 31 January 2022, which revoked Presidential Decree No. 11/22, of 14 January 2022.

The General State Budget for 2022 was enacted by means of Law No. 32/21, of 30 December 2021 (“State Budget Law”), which entered into force on 1 January 2022. In general terms, the State Budget Law maintains the tax provisions introduced for the 2021 State Budget, but it also contains important new features, notably in respect of withholding of Industrial Tax and VAT. We present here the main tax and customs measures applicable in 2022:

Through Order No. 12/21, of 23 December 2021, BNA updated the daily limit for the foreign-exchange position of financial institutions to 5% of their Regulatory Own Funds. In addition, this order defined the basis for calculating foreign exchange positions and rules on management of the foreign exchange position.

Law No. 31/21, of 20 December 2021, republished the Civil Aviation Law, approved by Law No. 14/19, of 23 May 2019, and amended and revoked some of its provisions. New rules have also been added, and the law sets forh, inter alia:

Through Order No. 11/21, of 23 December 2021, BNA has defined new procedures for foreign exchange operations relating to external investment by foreign exchange non-residents, notably (i) foreign investment in unlisted entities, including the acquisition of shares, share capital increase and shareholders loans; (ii) foreign investment in securities and derivative instruments; (iii) any disinvestment in such assets; and (iv) repatriation of the proceeds of such investments.

Almost one year since the publication of the Legal Framework on Local Content in the Petroleum Industry (Presidential Decree No. 271/20, of 20 October 2020), which completely changed the paradigm of procurement of goods and services for the petroleum industry in Angola, last week the lists of goods and services falling under the Exclusivity and Preference Regimes have been approved by the National Agency for Petroleum, Gas and Biofuels (Agência Nacional do Petróleo, Gás e Biocombustíveis, “ANPG”).

MIREMPET has recently announced that the submission of the Human Resources Development Plan for 2022

With the National Civil Aviation Authority (ANAC) having been created by Law No. 14/19, of 23 May 2019 (Civil Aviation Law), Presidential Decree No. 237/21, of 23 September 2021, extinguished the National Civil Aviation Institute (INAVIC).

Angola approves the accession to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States

An international tender has been launched for the management and maintenance of the Benguela Railroad (Caminho-de-Ferro de Benguela), also known as the Lobito Corridor.

A limited tender by previous qualification for the management of the Maritme Passenger Terminals of Kapossoka, Mussulo, Museu da Escravatura and Macôco is underway.

An agreement on mobility of the citizens from the Community of Portuguese-speaking Countries (“CPLP”) member states was signed in Luanda on 17 July 2021 (hereinafter “the Agreement”). The Agreement shall only enter into force when, at least, three (3) Member States deposit the related ratification instrument.

Considering that the immigration papers related to the stay of foreigners in Angola continues to be affected by the COVID-19 pandemic, the Angolan Government approved Executive Decree No. 259/21, of 5 August 2021, pursuant to which the documents of the foreign citizens absent from the country, expired since 28 February 2020, notably residence permits, refugee cards, investor visas, work visas, and temporary-stay visas are deemed valid until 30 September 2021.

The National Bank of Angola issued Order No. 10/21, of 14 July 2021

Entry into force of the new Criminal Code (Law 38/20, of 11 November 2020) and the Legal Framework for Company Recovery and Insolvency (Law 13/21, of 10 May 2021)

Entry into force of the new Criminal Code (Law 38/20, of 11 November 2020) and the Legal Framework for Company Recovery and Insolvency (Law 13/21, of 10 May 2021)

The public tender for the selection of the entities that will develop and finance the Lobito Refinery project is underway.

CMC Regulation No. 3/21, of 4 June 2021, which entered into force on the same day.

With a view to continuing with the State Reform Program and with the implementation of measures aimed at modernizing, de-bureaucratizing and streamlining public services, the Simplification of Public Administration Procedures Project (“SPAP Project”) was approved by means of Presidential Decree No. 161/21, of 21 June 2021.

The CMC approved Regulation No. 1/21, of 4 June 2021, which entered into force on 5 June 2021 and which developed the regime provided for in the legal regime applicable to securities of a monetary nature, or Commercial Paper, whose maturity term is equal to or less than one year, approved by Presidential Legislative Decree No. 6/19, of 2 May 2019.

On 9 July 2021, in the city of Lobito, Sociedade Nacional de Combustível de Angola (Sonangol E.P.) will launch the public tender

The tender is now open for the Privatization (in the form of Transfer of the Right to Explore and Manage) of three Hotel Units, belonging to the Institute for the Promotion of Tourism (INFOTUR).

BNA Order No. 7/21, of 4 June 2021, which entered into force on 5 June 2021 and which will remain in force for a period of eight months, provided for the prudential treatment of credit for which banking financial institutions have granted payment moratoria as a result of the Covid-19 Pandemic, with the aim of supporting clients facing a temporary reduction of liquidity.

CMC Regulation No. 4/21, of 4 June 2021, which entered into force on 5 June 2021.

The process to privatize Empresa Nacional de Seguros de Angola (ENSA S.A.) has been initiated, under the Privatization Program (PROPRIV).

New public calamity measures were enacted by Presidential Decree No. 150/21, of 8 June 2021.

Law No. 14/21, of 19 May 2021

A new legal framework on the procedures for recovery of companies and insolvency came into force on 12 May 2021.

Considering that the immigration papers related to the stay of foreigners in Angola continues to be affected by the COVID-19 pandemic, the Angolan Government approved Executive Decree No. 122/21, of 12 May 2021, pursuant to which the documents of the foreign citizens absent from the country, expired since 28 February 2020, notably residence permits, refugee cards, investor visas, work visas, and temporary-stay visas are deemed valid until 31 July 2021.

New public calamity measures were enacted by Presidential Decree No. 119/21, of 8 May 2021.

Law No. 11/21, of 22 April 2021, which will come into force on 19 October 2021, approves a new legal framework for security interests over movable assets, defined as guarantees on tangible and intangible movable assets and covering the pledge, movable-asset mortgages, the assignment of credit as guarantee, fiduciary transfer as guarantee, the sale with retention of ownership, and any other legal transactions whose function is to provide a guarantee on a movable asset. The new law also applies, adapted where appropriate, to definitive contractual assignments of credit and financial leasing.

Angola and Cape Verde signed in August 2019 an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (“DTA”).

New public calamity measures were enacted by Presidential Decree No. 106/21, of 28 April 2021.

The National Agency for Petroleum, Gas and Biofuels (Agência Nacional do Petróleo, Gás e Biocombustíveis, “ANPG”), the National Concessionaire for the Angolan petroleum sector, launched today, 30 April 2021, a new petroleum licensing round. Nine blocks were put on offer: Blocks CON 1, CON 5 and CON 6 in the onshore Lower Congo Basin; and Blocks KON 5, KON 6, KON 8, KON 9, KON 17 and KON 20 in the onshore Kwanza Basin.

Aimed at simplifying the company incorporation procedures and boost the business environment, Law No. 7/21, of 14 April 2021, has abolished the need to legalize the General Assembly’s minutes books by the Registrar of Companies.

Through Order No. 5/21, of 14 April 2021, which will come into force on 14 May 2021, the BNA established the rules and procedures to be observed in the performance of foreign exchange transactions: the purchase of foreign currency or the transfer of own resources in foreign currency to outside the country by foreign exchange-resident and non-resident individuals.

Through Order No. 4/21, of 14 April 2021, which will enter into force on 14 May 2021, the BNA established the rules and procedures to be observed when carrying out foreign exchange transactions for the settlement of the importation and exportation of goods in the Republic of Angola, expressly repealing Order Nos. 5/18, of 17 July 2018, and 1/20, of 9 January 2020, and Instruction No. 17/20, of 15 October 2020.

On 23 April 2021, BNA Order 2/21, of 24 March 2021, comes into force, establishing rules applicable to the settlement of transactions for the supply of goods and services by service providers resident in Angola – i.e. Port Service Providers – to foreign-exchange “non-resident” maritime operators that moor vessels in national ports (“Maritime Operators”).

New public calamity measures were enacted by Presidential Decree No. 82/21, of 9 April 2021, which shall be in force until 10 May 2021 at 23h59.

New public calamity measures were enacted by Presidential Decree No. 77/21, of 26 March 2021. This legal statute amends and updates the rules established by Presidential Decree No. 62/21, of 11 March 2021, on the prevention and control of SARS-COV-2 virus and COVID-19 and the functioning of public and private services, social equipment and economic activities during the period of public calamity.

New public calamity measures were enacted by Presidential Decree No. 62/21, of 11 March 2021. The new statute amends and updates the rules established by Presidential Decree No. 39/21, of 9 February 2021, on the prevention and control of SARS-COV-2 virus and COVID-19 and the functioning of public and private services, social equipment and economic activities during the period of public calamity.

Considering that the immigration documents related to the stay of foreigners in Angola was affected by the COVID-19 pandemic, the Angolan Government approved Executive Decree No. 56/21, of 3 March 2021, under which the documents of the foreign citizens absent from the country, expired since 28 February 2020, notably residence permits, refugee cards, investor visas, work visas, and temporary-stay visas are deemed valid until 30 April 2021. These documents shall be renewed or extended without any penalty as their holders return to Angola.

Through Order No. 1/21, of 12 February 2021, the BNA updated the operating rules of the Credit Risk Information Centre (“CIRC”) and revoked all provisions contradicting the provisions of the Order, in particular those of Order No. 4/20, of 28 February 2020, on CIRC’s competences, operating rules and duties.

The Government amended the 2019-2022 Privatizations Program (PROPRIV) through Presidential Decree No. 44/21, of 19 February. Besides adjusting the Program’s chronogram, the statute includes new companies and assets to be privatized and excludes others, such as airline Sonair.

By means of Instruction No. 02/2021 and Directive No. 02/DMA/2021, both of 10 February 2021, the BNA has updated the existing rules for the calculation and compliance with the minimum reserves requirements by Banking Financial Institutions. The amendments introduced aim at making the rules on minimum reserves requirements compatible with the current macroeconomic stability framework, in order to ensure greater efficiency of monetary policy instruments.

New public calamity measures were enacted by Presidential Decree No. 39/21, of 9 February 2021. The new statute amends and updates the rules established by Presidential Decree No. 10/21, of 8 January 2021, on the prevention and control of SARS-COV-2 virus and COVID-19 and the functioning of public and private services, social equipment and economic activities during the period of public calamity.

The State Assets and Holdings Management Institute (Instituto de Gestão de Activos e Participações do Estado - IGAPE) has scheduled an information and market assessment session for those interested in the privatisation of several companies from the Telecommunications sector, namely Net One, Multitel and TV Cabo Angola.

BNA Order No. 23/20, of 29 December 2020, established the rules and procedures for handling receipts and transfers abroad, of any nature, ordered by State Bodies, including: payments to international organizations; payments for the acquisition of goods or contracting of services; and capital operations, namely loans from abroad and the respective repayments, and the receipt of donations from abroad.

The Regulation of the Free Zones Law was approved by means of Presidential Decree No. 4/21, of 4 January 2021, and came into force on the same date.

New regulations setting forth the framework on public procurement and the rules on the performance of public sector contracts have been recently approved.

To give effect to the general principle set forth in Articles 15.3 and 37 of the Angolan Constitution, which recognize the right to private property and set forth that expropriations may occur only if grounded on reasons of public interest and subject to the payment of just and prompt compensation, the National Parliament has approved Law No. 1/21, of 7 January 2021 (Expropriation Law), thus repealing a regime based on pre-independence statutes dating back to the late 1940s.

New public calamity measures were enacted by Presidential Decree No. 10/21, of 8 January 2021. The new statute amends and updates the rules established by Presidential Decree No. 314/20, of 11 December 2020, on the functioning of public and private services, social equipment and economic activities during the period of public calamity. The measures remain basically unchanged, with the exception of: (i) the lowering of the age of children under special protection, from 12 to 5 years of age, for the purposes of mandatory remote working by one of the parents; and (ii) the increase in the percentage of workforce authorized to be on a company’s premises to 75%. The new measures will be in force as from midnight on 11 January 2021 until 9 February 2021, and will be subject to new amendments according to any changes in the pandemic situation.

In view of the Situation of Public Calamity and the closure of national borders due to the COVID-19 pandemic, the Angolan Government approved the following measures by means of Executive Decree No. 3/21, of 5 January 2021:

Considering that under the Real Estate Brokerage Law (Law No. 14/12, of 4 May 2012), property brokerage and real estate agency activities must be carried out by entities duly qualified for this purpose by the National Housing Institute (INH), Presidential Decree No. 320/20, of 24 December 2020, was recently enacted, establishing the rules and procedures for the licensing and registration for the exercise of these activities.

Law No. 40/20, which came into force on 16 December 2020, repealed Law No. 5/05, of 29 July 2005, and established the legal regime applicable to the oversight, regulation, management and operation of the Payment System of Angola, aimed at ensuring the fulfillment of public interest objectives. The new law provides for the process of setting up institutions involved in the Payment System of Angola, engagement in that activity, the supervision of said institutions, and the intervention process and penalty regime.

Through Instruction 20/20, of 9 December 2020, the BNA defined the “BCFTP” report template, as well as the implementation of risk assessment and the relevant adaptation of financial institutions' auxiliary I.T. systems.

The General State Budget for 2021 was enacted by means of Law No. 42/20, of 31 December 2020 (“State Budget Law”), which entered into force on 1 January 2021.

The National Agency for Petroleum, Gas and Biofuels (Agência Nacional do Petróleo, Gás e Biocombustíveis, “ANPG”), the National Concessionaire for the Angolan petroleum sector, recently announced that a new licensing round for petroleum concessions will be launched on 30 April 2021.

By means of Instruction 19/20, of 9 December 2020, the BNA established the limits of amounts for issuing checks, and for carrying out operations on the ATM network and clearing and settlement systems:

New and slightly relaxed public calamity measures were enacted by Presidential Decree No. 314/20, of 11 December 2020. The new statute amends and updates the rules established by Presidential Decree No. 298/20, of 20 November 2020, on the operation of public and private services, social equipment and economic activities during the period of public calamity.

Through Order 22/20, of 27 November 2020, the BNA established the criteria and procedures that must be observed by Banking Financial Institutions for the contracting of forward exchange operations with their clients, i.e. operations for the purchase (sale) of Kwanzas and sale (purchase) of a foreign currency, in certain amounts and at certain exchange rates and future maturity dates.

Presidential Decree No. 298/20, of 20 November 2020 was enacted updating the public calamity measures related to the SARS-CoV-2 and COVID-19 pandemic. The new statute amends the prior rules established by Presidential Decree No. 276/20, of 23 October 2020 on the operation of public and private services, social equipment and economic activities during the period of public calamity.

With reference to Order 15/2019, of 23 December 2019, on foreign investment made by non-foreign exchange residents, BNA, on 6 November 2020, clarified the following:

Presidential Decree No. 295/20, of 18 November 2020, was enacted to approve a social security regime specific to employees engaged in low-income activities. The new regime introduces special contribution rates of only 4% for the employer and 1.5% for the employees, to be levied on all elements of pay, thus corresponding to only 50% of the respective general contribution rates.

Angola has enacted two critical pieces of legislation aimed at modernizing its criminal justice system: a new Criminal Code and a new Criminal Procedure Code, approved, respectively, by Laws Nos. 38/20 and 39/20, both of 11 November 2020. The new Codes are a direct result of the structural reform of the Angolan justice system that has been underway over the last couple of years, replacing in some cases quite outdated statutes, such as the 1886 Criminal Code and the 1929 Criminal Procedure Code.

By means of Order 21/20, of 26 October 2020, the BNA established the terms and conditions that must be observed for the deferral of the recognition of the impairments constituted and registered by Banking Financial Institutions relating to public debt securities of the Republic of Angola, for the purposes of calculating Regulatory Own Funds.

Presidential Decree No. 271/20, of 20 October 2020, has been published, approving the new Legal Framework on Local Content in the Oil Sector. The statute aims at promoting economic diversification, the participation of local businesses in the oil sector, the increase of domestic production, and the reduction of imports, as well as the creation of employment and the training of the Angolan workforce within the oil industry.

The Free Zones Law (Law No. 35/20, of 12 October 2020) came into force on 12 October 2020.

The President of Angola has ratified the Agreement Establishing the African Continental Free Trade Area (AfCFTA).

The state of Public Calamity has been extended until 7 November 2020. The Government decided, through Presidential Decree No. 256/20, of 8 October 2020, to update the measures to prevent COVID-19.

By means of communications to the commercial banks dated 22 and 30 September 2020, the BNA clarified some aspects of the framework resulting from Order No. 17/20, of 3 August 2020, which imposed that the payment of salaries to non-resident employees be made into accounts domiciled in Angola. We highlight the following:

In the context of the companies’ privatization program currently underway, the National Assembly approved important measures aimed at safeguarding the strategic interests of the State in the companies subject of privatization, and in the commercial companies acting in strategic sectors and in which the State, directly or indirectly, holds a minority equity interest.

Considering that the Situation of Public Calamity is maintained and that the national borders remain closed due to the pandemic caused by COVID-19, the Government approved the following measures by means of Presidential Decree No. 229/20, of 8 September 2020, and Executive Decree No. 233/20, of 4 September 2020, respectively:

Following the Privatization Program, two public tenders, concerning the sale of Hotel Convenções de Talatona (HCTA) and Hotel Florença, in Luanda, have been opened, to both national and foreign entities.

By means of BNA Order 19/20, of 21 August 2020, BNA has established the operational rules applicable to the exercise of activity of Credit Guarantee Funds, as well as the prudential rules on the requirements and procedures for its special registration.

BNA has reinforced the need for banking financial institutions to make a strict assessment of current invisibles exchange operations covering technical and specialized services agreements, through Circular Letter No. 002/DCC/2020, of 18 August 2020.

BNA Order 18/20, of 12 August 2020, determines that non-banking financial institutions must now have their share capital fully paid up and maintain regulatory own funds

BNA Order 17/20, of 3 August 2020, revokes Order 12/19, of 2 December 2019, although most rules remain unchanged for foreign exchange transactions carried out by foreign-exchange resident and non-resident individuals.

Law No. 28/20 was enacted on July 22, 2020, approving substantial and relevant amendments to the Personal Income Tax Code (approved by Law No. 18/14, of 22 October 2014).

Law no. 26/20 was enacted on July 20, 2020, approving substantial and relevant amendments to the Industrial Tax Code (approved by Law 19/14, of 22 October).

The Competition Authority approved a Competition Compliance Guide, recommending that companies implement Competition Compliance Programmes, which will enable them to identify and mitigate the risks of infringement of Competition Law.

Law No. 20/20, approving the Property Tax (PT) Code and repealing the Urban Property Tax (UPT) Code, was published on 9 July 2020.

BNA Order (Aviso) No. 14/20, of 22 June 2020, which applies to Financial Institutions under the supervision of BNA, established rules on the effective implementation of the duties provided for in the Law on the Prevention and Combating of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (Law No. 5/20, of 27 January 2020), as well as the conditions for exercising them, and the instruments, mechanisms and formalities inherent to the prevention and combating of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

Pursuant to Presidential Order No.85/20, Presidential Order No.86/20 and Presidential Order No. 88/20, all dated of 15 June 2020, and due to the urgent nature of the relevant works, the simplified procurement procedures for the following three projects were initiated:

In order to allow private investors to have a simplified and priority access to Public Administration services, as per article 26 of Law No. 10/18, of 26 June, Presidential Decree No. 167/20, of 15 June, has created a new investment desk, Janela Única do Investimento (JUI).

Following the Privatisation Programme (PROPRIV), the proceedings regarding the disposal of shares of Banco Angolano de Investimentos (BAI) and the privatisation of Empresa Nacional de Seguros de Angola (ENSA S.A.) have been initiated.

New regulations on (i) the construction industry, (ii) public works, (iii) construction projects, and (iv) supervision of construction works have been approved by means of Presidential Decree No. 146/20, of 27 May 2020. The new regulations define the licensing requirements for the carrying-out of said activities – which vary depending on the type of works and activities envisaged –, regulate the licensing process (including the documents and data that are to be submitted), and also set out the fines applicable in the event of infringement. The licenses to carry out construction activities, which were hitherto issued by the Civil Construction and Public Works Regulatory Institute alone, are now also issued by the Municipal Administrations and the Provincial Governments.

The Minister of Public Administration, Employment and Social Security (“MAPTSS”), jointly with the Minister of Mineral Resources, Petroleum and Gas (“MIREMPEG”), approved Order No. 1903/20, of 24 April 2020, by means of which a working group was created with the purpose of analyzing the remuneration systems currently practiced in the oil sector and proposing measures that would provide stability and equality and guarantee social peace within the industry’s companies.

A Bilateral Investment Treaty (“BIT”) between Portugal and Angola entered into force on 24 April 2020. The full text of the BIT published in the Portuguese official gazette (Diário da República) can be found here.

The National Agency for Petroleum, Gas and Biofuels (Agência Nacional do Petróleo, Gás e Biocombustíveis, “ANPG”), the National Concessionaire for the Angolan petroleum sector, announced last week, on 28 May 2020, that in connection with the 2020 bidding round, the Data Package concerning Blocks CON1, CON5 and CON6 (onshore Lower Congo Basin) and Blocks KON5, KON6, KON8, KON9, KON17 and KON20 (onshore Cuanza Basin) is already available.

A Situation of Public Calamity was declared, as of 00:00 (zero) hours of 26 May 2020, and will be maintained for as long as there is a risk of contamination by COVID-19.

According to the 2019-2022 Privatisation Programme (PROPRIV), the privatisation process of the following four Hotel Units is about to start:

The BNA intends to implement in Angola a Mobile and Instant Transfer System ("Mobile Money"). The opening of requests for information is intended for the preparation of a proposal request (“RFP”) to choose the technological operator of the entity that will be responsible for the technological management of Mobile Money, which will need to be a company already operating a payment system, based in Angola.

A new legal framework setting out the rules on Environmental Impact Assessment and Environmental Licensing Procedures (“Environmental Licensing Regulations”) was approved by means of Presidential Decree No. 117/20, of 22 April 2020.

Following the Privatisation Programme for the period of 2019-2022 (PROPRIV), the State Assets and Holdings Management Institute (Instituto de Gestão de Activos e Participações do Estado - IGAPE) has launched an invitation to tender for the privatisation of the following industrial units of the Special Economic Zone (Zona Económica Especial (ZEE)):

The State of Emergency has just been extended until 10 May 2020 by means of Presidential Decree No. 120/20, of 24 April 2020. The new statute sets out, notably, specific rules and conditions for the operation of commercial establishments and industrial units. As a rule, the reopening of public services will now be permitted subject to the applicable health and biosafety rules as provided for in Presidential Decree 120/20.

New criminal investigation methods were recently approved to combat a vast number of crimes, through Law No. 10/20, of 16 April 2020 (“Undercover Operations Law”).

Presidential Decree No. 98/20, of 9 April 2020, approved immediate measures to alleviate the negative economic and financial effects of the Covid-19 pandemic.

Following the privatisation process of several Textile Industrial Units and Livestock and Agricultural Enterprises, the State Assets and Holdings Management Institute (Instituto de Gestão de Activos e Participações do Estado - IGAPE) is holding two market assessment online sessions for potential investors.

BNA Instruction No. 2/20, of 30 March 2020, determined that petroleum companies and banking financial institutions wishing to trade foreign currency must do so through the Bloomberg negotiation platform, FXGO.

The State of National Emergency has been declared and shall commence at 00:00 (zero) hours of 27 March 2020 for a period of 15 (fifteen days), which may be extended.

The Council of Ministers reviewed the Proposed Law that amends the Personal Income Tax Code (“IRT”), approved by Law n. º 18/14, of 22nd of October, which was sent to the National Assembly for approval.

As of today, 24 March, the following services will be suspended for a period of 15 (fifteen) days: Registry and Notary services, Civil and Criminal Identification services, One-Stop Shop for Companies

As of today, 24 March, the following services will be suspended for a period of 15 (fifteen) days: Registry and Notary services, Civil and Criminal Identification services, One-Stop Shop for Companies

Angola will suspend commercial and passenger flights in and out of the country, as well its ports and land borders as of 0:00 a.m., March 20, 2020, as per the Provisional Presidential Legal Decree No. 1/20 of 18 March 2020, which has just been enacted.

Under BNA Order No. 04/2020, of 28 February 2020, Financial Institutions and companies whose corporate purpose is to recover and manage credit are now obliged to provide the following information to BNA: (i) statements of current or potential credit operations and the relevant risks in respect of liabilities assumed by any natural or legal person; (ii) checks presented for the second time without funds; (iii) guarantees accepted under the terms of BNA Order No. 10/2014, of 10 December 2014; (iv) guarantees and counter-guarantees issued by the Credit Guarantee Fund; (v) guarantees issued by Credit Guarantee Companies; and (vi) other guarantees.

BNA Order No. 05/2020, of 28 February 2020, established the duties of information to be observed by Financial Banking Institutions in the marketing of dual and indexed deposits.

BNA Order No. 3/2020, of 28 February 2020, established that Financial Institutions may not acquire real estate that is not necessary for the pursuit of their corporate purpose, their setting-up and their operations. Financial Institutions authorized to carry out credit activities will now be able to own real estate that is not intended for their own use – which must be sold within two years – provided that the relevant acquisition results from the repayment of own credits.

On 27 January 2020, a new law on Prevention and Combating against Money Laundering, the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction (“New AML Law”) was enacted by way of Law No. 5/20. The new law revoked Law No. 34/11, of 12 December 2011, on the same matter, and entered into force on 28 January. In general, there has been a strengthening of the prevention and control duties applicable to the entities subject to the New AML Law, as well as an increase in the powers of the supervisory authorities, particularly the Financial Information Unit.

Following the Privatisation Programme (PROPRIV), the State Assets and Holdings Management Institute (IGAPE) invites investors interested in the privatisation process of the Industrial Units of the Special Economic Zone - Luanda Bengo (ZEE) to take part in a Market Assessment session, on 6 February, at 9 am, in the auditorium of the new IGAPE facilities.

BNA Instruction no. 01/20, of 10 January 2020, which will come into force on 9 February, states that Banking Financial Institution must execute the sale of foreign currency and associated foreign exchange transactions for its clients within 5 working days from the date of receipt of the relevant instruction.

Goods importation operations with a settlement period of more than 360 days, counting from the date of customs clearance at landing, are exempted from prior licensing with the BNA, pursuant to BNA Order No. 1/2020, of 9 January 2020.

Under BNA Order No. 02/20, of 9 January 2020, current invisible exchange operations carried out by legal entities are no longer subject to licensing. The new Order expressly repeals BNA Order No. 13/13, of 6 August 2013.

BNA Order No. 15/19, of 30 December 2019, defines the procedures for foreign exchange transactions by non-residents in respect of foreign direct investment, foreign investment in securities, any divestment of such assets and income from investments.

BNA Order 12/19, of 2 December 2019, updated the rules on foreign exchange transactions carried out by natural persons who are foreign-exchange resident, especially as regards operations involving current invisibles, the importation of goods, and securities, and also updates the rules on transactions carried out by natural persons who are foreign-exchange non-resident in respect of operations involving current invisibles.

A new Customs Tariff SCHEDULE (“Customs Tariff Schedule”) was approved by Presidential Legislative Decree No. 10/19, of 29 November 2019. The new Customs Tariff Schedule covers, among others, the following aspects:

On 16 December, the Luanda Port Company, E.P launched the International Public Tender for the Management and Operation of the Port of Luanda Multipurpose Terminal.

As of 2 January 2020, the National Concessionaire and national and foreign petroleum investor companies, including entities engaged in the production of liquefied natural gas, will be obliged to sell to commercial banks the foreign currency required to pay for goods and services provided by foreign exchange residents, the exchange rate to be freely negotiated between the parties.

Following BNA Order 11/2011, of 20 October 2011, which regulated interest rates for Marginal Lending and Absorption Facilities, BNA established, through Directive 02/DMA/2019, of 24 October 2019, that: BNA's Basic Interest Rate remains at 15% per annum; the Interest Rate of the Permanent Liquidity Absorption Facility with a maturity of 7 days is 10% per annum; and the Interest Rate of the Permanent Overnight Liquidity Absorption Facility remains at 0% per annum.

The National Bank of Angola has recently updated the rules on clearing and complying with compulsory reserves of Banking Financial Institutions. This update covers the determination of the amounts of compulsory reserves, their reserve base in national and foreign currency, the balances eligible for compliance with compulsory reserves and the rules for their calculation.

On 25 October 2019 the Foreign Exchange Control Department of the National Bank of Angola issued Directive 03/DCC/2019, which established that, without prejudice to compliance with Directive 03/ DCC/2018, of 26 October 2018, commercial banks must report the settlement needs of letters of credit opened under quantity auctions as soon as the documents are presented, proving entry of the relevant goods into national territory.

Instruction 16/2019, of 24 October 2019, established the methodology for calculating the reference exchange rates and exchange rates of banking financial institutions.

BNA Order No. 11/19, of 26 November 2019, sets new maximum limits on commissions and fees charged by Commercial Banks in certain operations and determines the currency in which such commissions/fees must be charged.

Pursuant to Order 5/2018, of 17 July 2018, which provides the Rules and Procedures Applicable to Foreign Exchange Operations for the Importation and Exportation of Goods, the National Bank of Angola established, through Instruction 18/2019, of 25 October 2019, the limits for foreign exchange operations related to the importation of goods.

National Bank of Angola Order 08/19, of 6 November 2019, which came into force on the same day, amended the terms and conditions under which Currency Exchanges are to operate.

National Bank of Angola Order 09/19, of 6 November 2019, established the operational rules for the provision of remittance services by Financial Institutions.

National Bank of Angola (“BNA”) Order 10/19, of 6 November 2019, which will come into force on 6 January 2020, established the rules and procedures to be observed in the purchase of foreign currency for foreign exchange operations by natural persons, particularly:

Following the recent approval of the new Law on Public-Private Partnerships (Law No. 11/19, of 14 May 2019), its implementing regulations have now been enacted by means of Presidential Decree No. 316/19, of 28 October 2019.

BNA Order No. 4/19, of 3 April 2019, determined which essential goods that have a supply deficit in respect of national product are eligible for the granting of credit by Banking Financial Institutions and the relevant credit conditions, namely the maximum interest rate, commissions and other terms and conditions, such as the overall amount of credit to be granted annually by a given Banking Financial Institution.

The Ministry of Mineral Resources and Petroleum announced the launching of an international open tender for the construction of the Soyo Refinery, in the Province of Zaire. This public tender will be officially launched on 24 October 2019 and the refinery is expected to start operating in 2023.

The National Agency for Petroleum, Gas and Biofuels (Agência Nacional do Petróleo, Gás e Biocombustíveis, “ANPG”), the National Concessionaire for the Angolan petroleum sector, launched yesterday, 2 October 2019, a new petroleum licensing round.

Holiday and Christmas bonuses are now considered taxable income in accordance with this change to the IRT Code.

In order to meet the required conditions for the full implementation of the Value Added Tax (“VAT”) and Excise Duty (“IEC”) Codes, the National Assembly approved Law Nos. 17/19 and 18/19, both of 13 August 2019.

The Law on the Organization of and Procedure before the Audit Court was recently amended by means of Law No. 19/19, of 14 August 2019. This amendment seeks to establish faster, helpful and effective mechanisms of review and inspection of public finances and of sound financial management.

Following the recent enactment of the new Privatization Framework Law, the Government has approved the Privatizations Program for years 2019-2022.

Under Instruction No. 06/2019, of 5 July 2019, which will enter into force on 5 August 2019, the National Bank of Angola (BNA) established a new schedule for depositing cash and withdrawing it from the BNA’s Vaults, namely in the Province of Luanda, in the Bank’s Regional Branches, and in duly authorized Custody of Securities establishments, as well as the terms and conditions related to the schedule.

By means of a Notice, dated 12 July 2019, the Angolan Central Bank (“BNA”) determined that Banks should ensure that individuals are able to operate their bank accounts upon the issuance of the BNA license number for the relevant capital operation/ invisibles items of trade operation, as applicable.

Under the National Bank of Angola (BNA) Directive No. 05/DCC/DMA/2019, of 5 July 2019, which enters into force on 1 August 2019, the criteria were established for the allocation of limits on importation documentary credits (CDIs) by way of auction.

On 5 July 2019, the National Bank of Angola (BNA) enacted Instruction No. 5/2019, on procedures applicable to the retention of counterfeit, fake or suspicious banknotes, which entered into force the following day.

On 5 July 2019, the National Bank of Angola (BNA) approved Instruction No. 07/2019, which sets forth new amounts limits for the issuance of cheques, for transactions in the Multicaixa network, and in the Compensation and Settlement System of the Angolan Payments System.

The entry into force of the VAT Code and the law enacting the Special Consumption Tax, originally scheduled for 1 July 2019, has been officially postponed, as per Provisional Presidential Legislative Decree No. 1/19, of 28 June 2019.

The National Agency for Petroleum, Gas and Biofuels (Agência Nacional do Petróleo, Gás e Biocombustíveis, “ANPG”), the National Concessionaire for the Angolan petroleum sector, announced today that a new petroleum licensing round will be launched on 2 October 2019.

After the enactment of the Value Added Tax Code, and given the need to complement some of its provisions, the Value Added Tax Code Regulations ("VAT Code Regulations") were published by means of Presidential Decree No. 180/19, of 24 May 2019.

Law No. 13/19, of 23 May 2019, approving a new regime on the entry, exit, stay and residence of foreign citizens in Angola, has just been published in the Official Gazette and shall come into force on 23 July 2019.

Presidential Legislative Decree No. 5/19, of 2 May 2019, recently approved the Legal Regime governing Guarantee Funds for Management Entities of Regulated Markets, Clearing Houses, Central Counterparties and Centralized Securities Systems.

Presidential Legislative Decree No. 6/19, of 2 May 2019, approved the Legal Regime governing Commercial Paper, providing certain private and public entities with a new financing mechanism based on the issuance of short-term debt securities, with a maximum term of 1 (one) year.

The Angolan Central Bank (“Banco Nacional de Angola”) recently issued Instruction No. 04/19, of 26 April 2019, which provides certain guidelines to be followed by Banking Financial Institutions regarding the granting of credit, notably in respect of credit conditions and credit risk assessment.

On 14 May 2019, the new Law on Public-Private Partnerships (Law No. 11/19, of 14 May 2019) came into force. This new statute is part of the reforms being implemented in Angola to stimulate the economy and create conditions to increase private sector participation.

The Privatization Framework Law (Law No. 10/19, of 14 May 2019) came into force on 14 May 2019. This new statute is part of the reforms being implemented in Angola to stimulate the economy and create conditions to increase private sector participation.

With a view to stimulating the economy and attracting investment, the National Assembly approved, through Law No. 4/19, of 18 April 2019, a number of amendments to the Industrial Tax Code, to take immediate effect.

Further to the National Development Plan for 2018-2022, which includes the Support Program for Production, Diversification of Exports and Replacement of Imports, and to Presidential Decree No. 23/19, of 14 January 2019, which approved Regulations on the Commercial Supply Chain for Basket of Goods and Other Essential Products produced in the Country, the Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently issued Order No. 4/19, of 3 April 2019.

Within the scope of the reform of the Angolan petroleum sector, the National Assembly approved an amendment to the Petroleum Activities Law (Law No. 10/04, of 12 November 2004) by means of Law No. 5/19, of 18 April 2019.

The Angolan Central Bank (Banco Nacional de Angola) recently issued Order No. 3/19, of 28 March 2019, which sets thresholds for any commissions and expenses that may be charged by Banking Financial Institutions in respect of transactions made in foreign currency, as well as the maximum foreign exchange margins allowed for certain operations.

Presidential Decree No. 89/19, of 21 March 2019, updated the statutory national minimum monthly wage by economic sector.

Presidential Legislative Decree no. 2/19, of 11 March 2019, sets out for the first time the legal regime governing the regularization and collection of Social Security debts.

The Angolan Executive approved the General Strategy for the Awarding of Petroleum Concessions for the 2019-2025 period by means of Presidential Decree No. 52/19, of 18 February 2019.

The final step to have a legal framework in place for the oversight and control of competition in the market has been accomplished through the appointment of the Board Members of the recently created Competition Authority.

New procedures were recently enacted for obtaining or renewing a manpower agency license for companies engaged in the activity of supplying workers on a temporary basis.

Further to Presidential Decree which created the Deposit Guarantee Fund, the Angolan Central Bank which set forth formulas to calculate the relevant Initial and Annual Contributions due from Banking Financial Institutions operating in the country.

New rules and procedures were recently enacted for the coercive repatriation and loss of assets deposited outside the country (Law No. 15/ 18, of 26 December 2018).

The Central Bank of Angola ("BNA") issued Instruction No. 21/2018, of 11 December 2018, temporarily suspending – until 31 December 2019

The Angolan State Budget for 2019 was enacted by means of Law No. 18/18, of 28 December 2018 (“State Budget Law”).

Through Instruction No. 17/2018, of 28 November 2018, the National Bank of Angola (“BNA”) approved new rules applicable to the voluntary repatriation of financial resources.

The National Bank of Angola (“BNA”) has recently issued new legislation applicable to Non-Banking Financial Institutions

Through Notice No. 10/2018, of 29 November 2018, the National Bank of Angola ("BNA") defined the new sanctions regime applicable to situations of delay in sending periodic information to the BNA, repealing Notice No.

The new Legal Regime on Invoices and Equivalent Documents, enacted by Presidential Decree No. 292/18, of 3 December 2018, will enter into force on 2 April 2019, and will repeal the current regime (Presidential Decree No. 149/13, of 1 October 2013).

Instruction No. 15/2018, issued on 19 November 2018, addresses the sale of foreign currency to currency exchange offices and payment service providers.

By means of Instruction No. 18/2018, of 28 November 2018, which entered into force on 29 November 2018, the National Bank of Angola established the rules to be observed by Commercial Banks in the conversion to national currency of credits granted to individuals in foreign currency.

On 20 November, the Minister of Finance enacted Executive Decree No. 507/18, which sets forth the procedures and determines the deadline for filing claims on overdue internal debt in respect of the Financial Years from 2013 to 2017.

On 21 November, Executive Decree No. 508/18, of 20 November 2018, entered into force, defining the procedures and deadline for providing information to the State on the existence of public guarantees on domestic debt (Sovereign Guarantees).

On 20 November 2018, entered into force the Instruction No. 14/2018, of 19 November 2018, which establishes rules regarding the amount and remuneration of collateral deposits associated to letters of credit. This statute provi

Instruction No. 15/2018, issued on 19 November 2018, addresses the sale of foreign currency to currency exchange offices and payment service providers. Said Instruction establishes rules on the following matters:

Angola carries on in the path to build up the steps so that the country will eventually have a legal framework in place for the oversight and control of competition

Through Instruction No. 13/18, of 19 September 2018, the National Bank of Angola (“BNA”) established the procedures to be followed by Banking and Financial Institutions in order to identify the risk profile of their customers regarding import and export transactions of goods, as well as the measures to be taken to prevent money laundering and the financing of terrorism for high-risk clients.

On 15 August, the Central Bank of Angola (“BNA”) established new limits of the global foreign exchange position of commercial banks and the basis for its calculation, by means of Notice No. 6/18.

Through Presidential Decree No. 195/18, of 22 August 2018, the Deposit Guarantee Fund (“DGF”) was created and its Regulations were approved. The DGF aims to secure the reimbursement of deposits held with banking institutions domiciled in Angola up to the amount of AOA 12,500,000.00. These institutions are required to contribute to the DGF, pursuant to the terms to be set forth by a Notice of the National Bank of Angola and following an opinion from the DGF.

The Central Bank of Angola ("BNA") issued Directive No. 05/DSB/DRO/DMA/2018, of 20 August 2018, on the information to be submitted to determine the foreign exchange position of Commercial Banks.

The reserve requirements of banking financial institutions operating in Angola were regulated by means of BNA Instruction No. 10/2018, of 19 July 2018. This Instruction repealed Instruction No. 05/2018, of 25 May 2018, as well as all contradictory regulations. For the purposes of establishing the relevant reserve base, Instruction No. 5/18 will enter into force on 27 July 2018, while its requirements will be effectively enforced from 30 July 2018 onwards.

The Central Bank of Angola (“BNA”) established new rules and procedures applicable to the foreign exchange transactions for the settlement of the importation and exportation of goods, as per Order No.5/18. This Order was regulated by Instruction No. 09/2018 in order to establish limits for foreign exchange transactions involving the importation of goods.

Presidential Decree No. 164/18, of 12 July 2018, enacted the Regulations on Law No. 1/14, of 6 February 2014, which in turn regulated the legal framework for direct and indirect public debt.

Work accidents and occupational diseases report – Caveats and preventive approach

NEW LIMIT OF EXCHANGE TRANSACTIONS FOR FAMILY ALLOWANCE Through Instruction No. 06/18, of 19 June 2018, the monthly sale of foreign currency per beneficiary for family allowance was limited to EUR 1,000.00, and the monthly limit per sender shall not also exceed EUR 2,500.00. Expenses related to health and education are not subject to said limits when paid directly to the services providers. This Instruction shall enter into force on 1 July 2018.

A New Private Investment Law (Law no. 10/18, of 26 June 2018) was gazetted on 26 June 2018. The statute establishes new principles and rules aimed at facilitating, promoting and accelerating private investment operations in Angola, introducing significant changes in the legal framework applicable to private investment, as furher described in the document hereto attached.

Presidential Decree No. 139/18, of 4 June 2018, established the situations that cause the obligation to pay fees to the Capital Market Commission as consideration for the provision of services, such as registration fees, supervisory fees and the issuance of certificates and declarations. This Presidential Decree entered into force on 5 June 2018 and repealed Executive Decree No. 209/08, of 26 September 2008.

The reserve requirements of the banking financial institutions established in Angola were regulated by means of BNA Instruction No. 5/18, dated 25 May 2018.

Following legislative authorizations by the National Assembly, the President of the Republic recently approved, by means of Presidential Legislative Decrees No. 5/18, No. 6/18 and No. 7/18, all of 18 May 2018, statutes that further implement the reform currently underway in the Angolan petroleum sector. The three statutes in question establish detailed legal frameworks for different aspects of upstream activities:

The competition law has just been published in the Official Gazette. Law No. 5/18, of 10 May 2018, will henceforth serve as basis for the regulation of a market economy with the inclusion, for the fist time, of competition parameters.

By means of Laws No. 6/18, No. 7/18, and No. 8/18, all of 10 May 2018, the National Assembly has authorized the President of the Republic to legislate, respectively, on (i) the adaptation of the contractual and fiscal terms applicable to petroleum concessions with marginal discoveries, (ii) the legal regime applicable to additional exploration activities within development areas of petroleum concessions in production period, and (iii) the establishment of a framework of fiscal incentives applicable to natural gas production activities.

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.

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.

Job Qualifier and Registration of Employment Contracts with Expatriates - Practical Consolidation of the New Regime and Related Risks

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).

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.

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.

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.

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...

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:

On 28 February 2018, the Council of Ministers approved a new draft Private Investment Law, which will establish new principles and rules aimed at facilitating, promoting and accelerating private investment operations in Angola.

Presidential Decree 56/18, of 20 February 2018, which approved the regime on the exemption from tourist visas and the administrative procedures aimed at facilitating their issuance was recently enacted. The statute shall enter into force on 30 March 2018.

By means of Central Bank of Angola ("BNA") Directive of 12 February 2018, BNA ordered companies to purchase foreign currency exclusively from commercial banks, except that large importers of medicines and foodstuffs may continue to submit their requestes for purchase of foreign currency to the relevant ministries.

Following the adoption of a currency band, a number of regulatory rules related to the purchase and sale of foreign currency were issued by the Angolan Central Bank ("BNA").

Hiring of Foreign Employees and the Practical Consolidation of the New Regime

The Governor of the Angolan Central Bank announced on January 3 the change of the exchange rate regime. The existing administered exchange rate determined by Banco Nacional de Angola (BNA) is replaced by an exchange band characterized by the fluctuation of the exchange rate within a range, with a ceiling and a minimum limit.

The Angolan Central Bank (BNA) has recently issued Instruction No. 5/17, of 1 December of 2017, on the procedures for buying and selling foreign currency in Angola. This statute establishes that...

Capital Market Commission ("CMC") Regulation No. 1/17, of 7 December of 2017, established requirements and procedures for the registration of those with a relevant management function in non-banking financial institutions linked to the capital and investment market, in companies managing collective investment undertakings, and in companies managing regulated traders.

Capital Market Commission ("CMC") Regulation No. 2/17, of 7 December 2017, organizes the regulated markets as well as the structure for access to such markets, taking into account, inter alia, the nature of the securities and derivatives instruments to be traded.

What is the Maximum Duration of an Expatriate Employment Contract?

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.

Presidential Legislative Decree No. 2/17, of 9 August 2017, enacted the legal regime applicable to Asset Management Companies (“AMC”), including the general rules applicable to their incorporation and activities. AMCs are non-banking financial institutions linked to the capital markets.

Executive Decree No. 366/17, of 27 July 2017, was published, establishing the legal regime for the attribution, composition and use of the Tax Identification Number (NIF) for natural persons and companies or similar entities.

Executive Decree No. 363/17, of 26 July 2017, was enacted, establishing the legal regime for the electronic processing and recording of the acts and formalities related to tax procedures and proceedings.

The Angolan Central Bank (BNA) has recently issued Order No. 5/17, of 10 July 2017, which regulates the issuance, acceptance and use of payment cards, as well as the operating principles of the Multicaixa subsystem.

The Angolan Central Bank (BNA) recently issued Order No. 4/17, of 28 June 2017, which establishes new rules and procedures applicable to foreign exchange transactions aimed at receiving revenues from the exportation and re-exportation of goods in Angola.

Presidential Decree No. 138/17 was published on 21 May 2017, approving the Statistical Transgression Regulations...

Presidential Decree 152/17, of 4 July 2017, was enacted, approving the Nationality Law Regulations, approved in turn by Law 2/16, of 15 April 2016...

Presidential Decree No. 151/17, of 4 July 2017, has amended Article 75.1 of the Visa Law Regulations, approved by Presidential Decree 108/11, of 25 May 2011. The statute entered into immediate force.

Statutory Rules on Expatriates are now clearer

The Ministry of Industry has just approved, through Executive Decree No. 293/17, of 30 May 2017, the regulations on the issuance, grant and use of industrial permits.

Presidential Decree No. 91/17 was enacted, setting the statutory national minimum wage at 16,503.30 Kwanzas (Kz). The same statute also updated the minimum wage to be paid in each of the main economic sectors, as follows:

Order No. 221/17, of 11 May 2017, was enacted, authorising the electronic submission of the annual corporate income tax return (Modelo 1) in relation to FY 2016 for Group A taxpayers.

Executive Decree No. 273/17, of 3 May 2017, enacted new rules on the model for registration of securities with the issuing authority. The securities may now be registered in paper support or electronic format, provided that certain legal requirements are met.

Earlier today, Presidential Decree no. 79/17, of 24 April 2017, was made available to the public. The new Presidential Decree amends Articles 2, 7 and 10 of the general rules on labor local content and the hiring of foreign non-resident employee, which had been recently approved through Presidential Decree No. 43/17, of 6 March 2017.

New Rules on Expatriate Employees' Remuneration Package: Monthly Base Salary + 50% Limit

On March 6, 2017 Angola deposited its instrument of accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) with the Secretary-General of the United Nations.

On 6 March, two new statutes were gazetted aimed at defining the minimum content of an employment contract and regulating the general rules on labor local content and the hiring of foreign non-resident employees. Both statutes immediately entered into force...

In an effort to bring the customs system up to date and to expedite customs clearance formalities, the Minister of Finance issued Executive Decree No. 67/17, of 14 February 2017, introducing a new Customs Single Document (Documento Único – “DU”) form.

The Angolan Central Bank (BNA) has recently issued Order No. 1/17, of 3 February 2017, which establishes the procedures applicable to investments, capital transfers, interests, dividends and other revenues related...

By means of Order No. 2/17, of 3 February 2017, the Angolan Central Bank (BNA) approved new rules for the opening and managing of deposit accounts...

Following the enactment of the legal regime on mandatory compensatory measures (Law No. 20/16, of 29 December 2016), the Government has further approved the National Policy on Compensatory Measures by means of Presidential Decree No. 4/17, of 26 January 2017 (“Presidential Decree 4/17”).

Further to Decree 48/06, of 1 September 2006, which approved the rules and procedures for public tendering in the petroleum sector, the Minister of Petroleum approved by means of Order 29/17, of 27 January 2017, the following templates...

Law No. 20/16, of 29 December 2016 (“Law 20/16”), approved the legal regime on mandatory compensatory measures to be provided by contractors entering into goods and services agreements with public entities.

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

Has retirement compensation been totally eliminated?

As informed in our Legal Alert dated 17 August 2016, the Angolan National Assembly approved the accession of the country to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) by means of Resolution No. 38/2016, of 12 August 2016.

Presidential Decree No. 226/16, of 17 November 2016, approved regulations on mandatory insurance for civil aviation in Angola.

The Angolan Central Bank (BNA) has recently issued several orders (Avisos) approving new rules and procedures on banking deposits and credit, which include:

Companies doing business in the Angolan oil sector which have entered into a Program Contract must submit the 2017 Human Resources Development Plan to the Ministry of Petroleum by 31 October 2016.

Fixed Term Employment Contracts: new options available to employers

Disciplinary Procedure and Statute of Limitations

Recent Developments in the Labor Market

Presidential Decree 163/16, of 29 August 2016, has adopted a new policy for the marketing of rough diamonds, which applies to both the industrial market and the artisanal market.

The Angolan National Assembly has approved the accession of the country to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) by means of Resolution No. 38/2016, of 12 August 2016.

Presidential Decree No. 155/16, of 9 August 2016, on the legal framework of domestic work and domestic services employee´s social protection, has just been published and shall come into force on 9 December 2016.

Presidential Decree No. 154/16, of 5 August 2016, on the legal framework of fines for breach of Law No. 7/15, of 15 June 2015 (General Labor Law) and other ancillary statutes has just been published.

The recently aproved Presidential Decree No. 153/16, of 5 August 2016, has now regulated two new special procedures for company incorporation, as provided for by the Law on Simplified Companies Incorporation Procedures, namely: in person on-site incorporation and on-line incorporation.

Angolan Capital Markets Commission’s Regulation No. 7/16, of 30 June 2016, has now been made public.

Angolan Capital Markets Commission Regulations No. 3/16, of 2 June 2016, No. 5/16, of 6 June 2016, and No. 6/16, of 7 June 2016, have now been made public via the Angolan Official Gazette.

Law No. 9/16, setting forth the legal regime of public procurement and of public contracts in Angola (“the Public Contracts Act”) was published on 16 May.

Executive Decree No. 247/16, of 3 June 2016, is aimed at enabling the incorporation of companies by means of a private document, as provided under the Companies Simplified Incorporation Procedures Law (Law No. 11/15, of 17 June 2015 - Legal Alert of 18 June 2015).

Pursuant to legislative authorization granted by Law No. 4/16, of 17 May 2016, the President of the Republic enacted the authorized Presidential Legislative Decree No. 2/16, of 13 June 2016 (“PLD 2/16”), establishing the “Procedure and Incentives for the Adjustment of the Contractual and Fiscal Terms Applicable to Concessions Including Marginal Discoveries”.

The Angolan legal framework on money-laundering and terrorism financing has been strengthened by the enactment of Regulation No. 4/16, of 2 June 2016, as approved by the Board of Directors of the Capital Market Commission.

Ministerial Order n.º 225/16, of 31 May 2016, which sets out the requeriments for the electronical submission of the annual tax return for Industrial Tax purposes, has been gazetted effective immediately.

The Angolan President of the Republic enacted Presidential Decrees No. 109/16 and No. 110/16, both of 26 May 2016, which approved, respectively, the Model for Readjustment of the Petroleum Sector, and some amendments to SONANGOL E.P.’s By-laws.

Following the enactment of the Merchant Navy, Ports and Ancillary Activities Law - Law 27/12, of 28 August 2012 - new legal frameworks on Seafarers and Maximum Safety Capacity of Vessels and Ships have been recently gazetted.

Presidential Decree No. 63/16, of 29 March, 2016 approved the new regulations on (a) the construction industry, (b) public works, (c) construction projects and (d) works supervision.

Companies pertaining to the oil industry that entered into a Program Contract with the Ministry of Petroleum and/or filed their Human Resources Development Plan in 2015 must submit an Implementation Report on the training and recruitment initiatives listed in that Contract and/or Plan to the Ministry by 31 March 2016.

Following the enactment of the Tourism Law - Law 9/15, of 15 June 2015 - new legal frameworks on Restaurants and Similar Activities and Tourist Facilities have been recently published.

In the context of the Exceptional Measures for Control of Taxpayers in a Situation of Repeated Irregularity (approved by Presidential Decree No. 66/11, of 18 April 2011), the Ministry of Finance enacted Executive Decree No. 116/16, of 1 March 2016, which grants the General Tax Administration powers to prepare, on a quarterly basis, a list containing all delinquent taxpayers.

As you may be aware, the 2016 State Budget Law (Law 28/15) introduced a new special contribution on banking operations (“Special Contribution”) and authorized the President to enact the relevant legal regime.

The National Bank of Angola (“BNA”) issued Directive No. 02/DRO/DSI/15, of 10 December 2015, on prevention of money laundering and fight against the financing of terrorism in dealings between Angolan banks and their correspondent banks and client banks.