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Thu, 27 Jun 2019 16:41 - Updated Thu, 27 Jun 2019 16:41

Retail depositors exempted from value added tax

Luanda - Small depositors in Angolan banking system will be exempted from payment of Value Added Tax (VAT) on their operations, said the administrator of the National Bank of Angola (BNA), Beatriz Santos, on Thursday.

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Beatriz Santos confirmed this to the press on the sidelines of the conference on the implementation of VAT in the banking sector.

According to her, BNA, as a regulator, is working with banks and the General Tax Administration (AGT) on creation of accounting conditions for the implementation of the tax in the financial system.

The process will initially exempt the retail depositors (clients who have opened accounts under the financial education programme - Bankita).

Introduced with 14 percent, the VAT will go ahead on October 1 with focus on transactions of goods and services.

Under the 2019 revised budget, approved recently in the Parliament, VAT is expected to reach 60 percent, an increase from 156.3 billion kwanzas to AKz 249. 3 billion.

Data released by General Tax Administration (AGT) put at 421 the number of  the large taxpayers required to collect Value Added Tax (VAT) on their transactions and more than 40,000 existing taxpayers.

Of this figure (421), the oil sector, commercial banks and telephone operators stand out.

For 2021, all the taxpayers are required to enter with an annual invoicing volume or an import operation higher equivalent in local currency (kwanzas) to USD 250,000.

Angola is the only SADC country where VAT has not been implemented yet. In member countries the tax stands at more than 14%.

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