Luanda - The entry into force and, consequently, the implementation of the General State Budget (OGE) for the 2024 financial year was one of the main highlights in the economic area this week, which ends Saturday.
The Angolan state's main economic and financial policy instrument sets revenues of more than 24.7 billion kwanzas and the same amount for planned expenditure, representing an increase of 22.94 per cent compared to the OGE/2023.
According to Law no. 15/23, of 29 December (the GSB/2024 Law), approved by the National Assembly on 13 December 2023, this financial document estimates an average price for a barrel of oil of 65 US dollars and average daily production of one million 60 thousand barrels, forecasting annual production of around 388 million barrels.
The week also saw the entry into force of the new 5 per cent Value Added Tax (VAT) for 20 categories of widely consumed food products.
The law was approved by the National Assembly in November 2023, as part of a proposal by the Angolan Executive to reduce this tax from 14 to 5 per cent on products in the basic food basket.
For the province of Cabinda, VAT was reduced from 2 to 1%, taking into account the special regime in force in that region.
This VAT reduction applies to products such as fresh and frozen pork, beef, goat, sheep and their offal, frozen and dried fish, chicken thighs, condensed and powdered milk, margarine, eggs, beans, sweet potatoes and kidney potatoes.
It also requires a reduction in cassava and yams, maize grain, wheat grain, millet grain, soya, sugar, salt, maize flour, manioc flour, wheat flour, meat sausages, bread, cooking oil, mineral and table water and soap.
This week, the first of 2024, Angola's commercial banks began to pay 700 kwanzas in interbank commission if their customers withdraw money from other banks' Automated Teller Machines (ATMs).
The measure, which does not affect users of the multicaixa card, began on 1 January and covers all banks that issue payment cards and install ATMs in the country, according to the Interbank Services Company (EMIS).
Previously, the interbank fee for withdrawing money from ATMs at different banks was 350 kwanzas, a fee that this year has risen to Kz 700, a 100 per cent increase on the previous figure.
In the tax field, the General Tax Administration (AGT) has started the campaign for voluntary payment of property tax (IP) and motor vehicle tax (IVM) for 2023 at tax offices or posts.
For payment, taxpayers can make an appointment via the Taxpayer Portal or the AGT website for online or face-to-face service, as well as request support from the Taxpayer Support Centre, to facilitate the fulfilment of this task.
Property Tax on the ownership of real estate must be paid by the last working day of March by the taxable person, although it can be paid in six consecutive instalments at the request of the person concerned.
The Motor Vehicle Tax (IVM), approved by Law no. 24/20, of 13 June, which repealed the Circulation Tax, approved by Legislative Order no. 3837, of 30 July 1968, is levied from 1 January to June each year.
In the oil sector, the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, announced the completion this year of Angola's first gold refinery and the first phase of construction of the Barra do Dande Ocean Terminal (TOBD), with capacity to store 582,000 cubic metres of liquid and gaseous fuels. ASS/QCB/DAN/DOJ
