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Angola: Angolan Banks face challenges to adjust to FATCA


Fri, 24 Mar 2017 10:46 - Updated Fri, 24 Mar 2017 10:46

Luanda - The Angolan banks are obliged to adjust themselves to the computing procedures and system of the US Foreign Account Tax Compliance Act (FATCA).


The obligation of the Angolan banks to the referred US law is part of an intergovernmental agreement signed by Angola on November 30, 2014 with US tax authorities in order to report financial information of citizens covered by FATCA.  

Angola has not yet started implementing the US law, since it needs to approve a legal tool allowing the Angolan General Tax Authority (AGT) to report American and foreign citizens with tax obligation in US. 

Meanwhile, according to the executive director of the Angolan Investment Bank (BAI), Joaõ Fonseca, while FATCA awaits the implementation of this legal tool in the Angolan territory, local banks are already facing challenges to master and adjust their computing system to this law.

  

In Angola, AGT is the institution responsible for reporting information of US citizens with tax duties.