Tue, 19 Nov 2019 18:00 - Updated Tue, 19 Nov 2019 18:00
State General Budget allocates more money to social sector
Luanda - The social sector will benefit roughly 2.3 billion kwanzas, under the State General Budget (OGE) 2020, equivalent to 38 percent of tax expenditure, about 19 percent more than in the current year.
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Minister of Finance, Vera Daves
Photo: Pedro Parente
The information was released on Tuesday by Finance Minister Vera Daves during the first ordinary plenary session of the third legislative session of the IV legislature of the National Assembly.
Regarding the economic sector, the Cabinet Minister said it will absorb about ten per cent of tax expenditure, with the defense, security and public order sectors representing about 22 per cent.
She underlined that the analysis of the sources of revenue from the proposed State Budget 2020 shows that the Tax Revenue will represent about 53.9 percent of the budget.
According to Vera Daves, the oil sector will be the main contributor, with their tax revenues rising to over 34 percent.
Regarding the social impact of the Government's programs, the minister assured that she will be leveraged, in 2020, with a Social Money Transfer Program, which provides for the monthly income of about one million vulnerable families.
It is a program that is being prepared by the Government, in partnership with the World Bank, and which is in its final phase, stressed the Minister of Finance, who pointed to the first half of 2020 as a likely start-up period.
Speaking to the MPs, Minister Vera Daves considered the idea that Angola's tax system limits business and production activity as fallacious.
The State Budget 2020 proposal foresees revenues and expenses estimated at over Akz 15 billion, based on the average oil price of $ 55 a barrel.
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