Oil and non-oil revenues set at AKz 5 billion

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Luanda - Oil and non-oil revenues are estimated at 5 billion kwanzas, from January to October this year, according to data provided by the Chairperson of the General Tax Administration (AGT).

Paulino dos Santos, who was invited Tuesday by the Media Rumo group to talk about the main changes to the Angolan tax system, said that of that figure, 57.5% represents tax revenues from the oil sector and 42.5% from non-oil.

Oil revenues, from January to September this year, stood at 2.8 billion kwanzas, with 360.4 million barrels of crude exported at an average price of USD 43.07 per barrel of oil.

Without specifying the figure, he said there had been a slight increase in tax revenue in non-oil sector, compared to 2018 and 2019.

In 2010, when tax reform began in Angola, non-oil revenue was of 33%, a percentage that did not reach one billion kwanzas, amounts to only 688 billion kwanzas.

The Industrial Tax and Value Added Tax (VAT) have contributed the most to non-oil revenues in the last 10 months of this year.

In one year (01 October 2019 to 01 October 2020), VAT (at a rate of 14% for imports of goods) had a contribution of more than kwanzas.

 

Paulino dos Santos, who was invited Tuesday by the Media Rumo group to talk about the main changes to the Angolan tax system, said that of that figure, 57.5% represents tax revenues from the oil sector and 42.5% from non-oil.

Oil revenues, from January to September this year, stood at 2.8 billion kwanzas, with 360.4 million barrels of crude exported at an average price of USD 43.07 per barrel of oil.

Without specifying the figure, he said there had been a slight increase in tax revenue in non-oil sector, compared to 2018 and 2019.

In 2010, when tax reform began in Angola, non-oil revenue was of 33%, a percentage that did not reach one billion kwanzas, amounts to only 688 billion kwanzas.

The Industrial Tax and Value Added Tax (VAT) have contributed the most to non-oil revenues in the last 10 months of this year.

In one year (01 October 2019 to 01 October 2020), VAT (at a rate of 14% for imports of goods) had a contribution of more than kwanzas.