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Fri, 21 Feb 2020 10:38 - Updated Fri, 21 Feb 2020 10:37

AGT raises Akz 93 million with implementation of VAT

Huambo - Ninety three million Kwanzas were collected by the General Tax Office (AGT) in the central Province of Huambo, due to the value added tax (VAT) collection in the first three months following its entry into force (October 1, 2019).

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Logo of the general tax administration (a.g.t).

Photo: Divulgação

The information was provided to ANGOP last Wednesday by the head of the Tax Office of Huambo, Euclides Dias, noting that the amount resulted from 12 companies authorized to collect VAT on sales invoices, goods imports and provision transactions services.

He made it known that VAT is being charged only by 12 companies, out of the 150 controlled by the Tax Office, for meeting the required requirements, such as invoicing equal to or superior than the equivalent of 250,000 US dollars.

He said that the process of paying the Value Added Tax has been going on since last January for companies that are not yet in the transitional regime for the general, since the amount in question was charged, between October and December 2019.

However, he clarified that taxpayers who adhere to the “general regime” are the only ones who will have the right to deduct the tax they pay in the acquisition of goods and services.

Angola became part of the list of countries of the Southern African Development Community (SADC) since October 1 last year that charge Value Added Tax (VAT), replacing the Consumption Tax, starting with a rate of 14 percent.

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