Angola | Tax reform increases revenues

Angola’s Executive Project for Tax Reform (PERT) had a cumulative impact of 361.100 billion kwanza (USD3.647 billion) in non-oil tax revenues from 2011 until the end of the first half of 2014, according to official figures.
This impact means that non-oil tax revenue became a significant portion of the State Budget, bolstered by the reform of the Urban Property Tax, the boost to mechanisms for verification and collection of taxes, as well as changes to Capital Gains Tax, Excise Duty and payment of customs debts.
Cited by Angolan daily newspaper Jornal de Angola, the author of the Executive Project for Tax Reform, Ngouabi Salvador, noted that the volatility of oil tax revenue is a dilemma that affects the oil-producing countries due to price instability cycles in the world market .
“Tax reform is basically the introduction of legal and organic innovations and procedures of the bodies that make up the national system of revenue collection,” said Ngouabi Salvador.
The tax reform underway in Angola aims to increase non-oil tax revenues by broadening the tax base, streamlining incentives, increased supervision of self-declared taxes and the fight against tax evasion. MDT/Macauhub