The Law No. 3/18 of 1 March, approving the Angolan State Budget for 2018 was recently published. We would like to highlight the following relevant items:
- The Special Contribution on Current Invisible Foreign Exchange Transactions, levied on payments related with service, management and technical assistance contracts, at a 10% rate, will remain in force for 2018.
- A special authorization was given to the President for the approval of certain adjustments to relevant tax legislation:
a) Customs Code;
- Introduction of the possibility to pay customs debts in several installments;
b) Investment Income Tax Code;
- Revision of the participation exemption regime;
c) Consumption Tax Regulation;
- Introduction of the assessment and payment regime currently applicable to the oil & gas sector (“reverse charge”) to the financial, telecommunications and mining sectors;
- Widening of the taxable base to publicity contracts and services, and internal maritime and airways transportation;
d) Stamp Duty Code;
- Changing of the Stamp Duty assessment rules on the acquisitions or promissory acquisitions of real estate property;
- Clarification of the tax liability regime;
- Widening of the taxable base to the issuance of receipts by self-employees, service contracts of any nature, and employment contracts with non-resident foreign employees.