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Fri, 06 Oct 2017 17:44 - Updated Fri, 06 Oct 2017 17:44

Angola: Thirty-eight financial institutions report information to US

Luanda - At least thirty eight financial institutions, out of 53 in Angola, submitted financial information to the tax authorities of the United States of America, as part of the adoption of the Foreign Account Tax Compliance Act (FATCA), by the General Tax Administration (AGT) whose deadline ended last September 30.

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This submission of the financial information represented a participation rate of 70 per cent, as a result, of an undefeated event in the face of the efforts required of these institutions in this first reporting period, according to an AGT document that came to ANGOP today.

According to the document, the AGT and the National Financial Institutions have successfully completed the deadline and have been sent to the Internal Revenue Service all files submitted by national financial institutions.

As this was the first year of reporting, national financial institutions were required to ensure that all necessary steps were taken to properly identify the "US Persons" account holders and the consequent reporting of their financial information to AGT, by reference to the years of 2014, 2015 and 2016, until June 30, 2017.

That period was extended by Order No 290/17 of 4 July, of 31 July of the same month.

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