Further BNA regulations stipulate the procedures to transfer abroad any profits or dividends of foreign investors in Angola. In particular BNA’s Notice no. 13/14, of 24 December, determines that all transfers of profits or dividends must have the prior authorisation of the BNA whenever the annual amount to be transferred is over AOA 500,000,000. Taxation Angola has carried out extensive reform of its taxation system since 2015, with the aim of raising tax revenues and making tax collection more effective. The main taxes applicable in Angola are the following: Direct taxation: • Personal Income Tax • Corporate Income Tax • Capital Gains Tax Other taxes: • Consumption Tax • Custom Duties • Property Tax (Urban Property Tax) • Real Estate Transfer Tax • Inheritance and Donation Tax • Stamp duty Under the NPIL, the Angolan Government may grant tax benefits to private investors.
The general tax rates for the main taxes applicable in Angola are as follows:
Tax
Tax Rate
Capital Gains Tax
between 5% and 15%
Corporate Income Tax
30% (6,5% of withholding tax on most services rendered in or to Angola)
Personal Income Tax (employees) between 7% and 17% Personal Income Tax (self- employees) between 6,5% and 10,5% ConsumptionTax between 2% and 30% (most services are taxed at 5%) Social security 11% Personal Income Tax Personal Income Tax ( PIT ) is charged on income earned by employees and self-employees. For employees, PIT is levied on salaries and other income paid by the employer to the employee, exception made to some allowances, which are wholly or partially excluded from taxation. The applicable tax rates are progressive and vary between 7% and 17%, depending on the monthly income. PIT for employees is withheld by the employer as the salary is paid, being payable even if the salary is not effectively paid to the employee. For self-employees, PIT is levied on the price of services and withheld by the acquirer, except if the acquirer does not have organized accounts. The withholding tax rate is either 6,5% or 10,5% depending on the service provided. Corporate Income Tax Companies with registered office, effective management or a permanent establishment in Angola (Angolan-based companies) are due to pay Corporate Income Tax ( CIT ) for all net income earned in each financial year, regardless of its
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