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Finance Ministry signs deals in oil sector

Mon, 26 Jun 2017 06:35 - Updated Mon, 26 Jun 2017 06:36

Building of the Ministry of Finance

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Luanda - The Ministry of Finance has recently signed agreements with the oil companies of Total, Chevron, ExxonMobil, ENI, BP and Satoil, which have brought to an end the 10-year litigation regarding the liquidation and payment of the tax charges applicable to oil activity.

According to a press release that reached Angop on Saturday, with these deal, the payment of certain amounts to the State is definitively and totally settled, thus ensuring full regularization of the tax situation of the largest oil companies in Angola.

According to the note, the Ministry of Finance welcomes the conclusion of this agreement, which normalizes the relations between the General Tax Administration (AGT) and the oil companies, reinforcing the confidence in the country and opening doors to the growth of investment in the oil sector.

In order to conclude the agreement, it was fundamental the willingness and flexibility of the parties, highlighting the companies, with a view to the stability and effective regularization of the operation of the oil industry, with solid foundations, guarantee of security between operators and institutions.

Under this process, other legal and regulatory procedures will be established in the coming days, in order to determine the taxable amount and implementation of the agreement.