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VAT import revenues stand at Akz 8 billion

Thu, 31 Oct 2019 13:26 - Updated Thu, 31 Oct 2019 13:52

Bank notes

Photo: Divulgação

Luanda - The General Tax Department has announced 8.2 billion kwanzas as the value of revenues of the Value Added Tax (VAT) from 1 to 13 this month, two weeks after it has come into force.

Angop learnt Wednesday that from 01 to 06 October, General Tax Department (AGT) had a record of AKz 2.3 billion, as result of the implementation of the VAT.

In the period, going from 07 to 13 this month, the revenues reached 5.9 billion kwanzas.

Still, in the said period, AGT reported another 195.5 million in the application of the Excise Duty (IEC) on imports.

Goods exempt from Value Added Tax, include rice, maize flour, cassava, sugar, milk, beans, cooking oil and soap, and other health products, as medicines and hospital equipment.

Also exempt are goods under international treaties and agreements to which Angola is member as well as imported goods under diplomatic and consular relations.

The list also covers import of foreign currency by the bank financial institutions in terms defined by the National Bank of Angola (BNA), as well as goods or equipment intended exclusively for the execution of Angola LNG project operations.