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Angola

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About

Angola

Capital
Official languages
Population 
Currency

ISO 4217

Luanda

Portuguese

30.8 million

Kwanza

AOA

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Economy

"Angola has seen a steady improvement in its economy over the past few years. According to the World Bank, the country’s GDP grew by an estimated 3.7% in 2019, up from 2.8% in 2018. This growth was driven by increased oil production and higher oil prices. The country’s oil production increased by 8.3% in 2019, while oil prices rose by an average of 8.2%.

The country’s inflation rate has also been on the decline, dropping from an estimated 24.3% in 2018 to an estimated 17.2% in 2019. This has been attributed to the government’s efforts to reduce the budget deficit and improve fiscal discipline.

The country’s unemployment rate has also been on the decline, dropping from an estimated 20.2% in 2018 to an estimated 17.7% in 2019. This has been attributed to the government’s efforts to create more jobs and reduce poverty.

Overall, Angola’s economy has seen a steady improvement over the past few years, with increased oil production and higher oil prices driving growth. The government’s efforts to reduce the budget deficit and improve fiscal discipline have also helped to reduce inflation and unemployment."

Taxation

In Angola, both individuals and companies are subject to taxation. Here is an overview of the tax system in Angola:


Corporate taxation:

- The corporate income tax rate in Angola is 30% for resident companies and 50% for non-resident companies.

- Resident companies are those with a registered office in Angola or that have their management and control in Angola.

- Companies are required to file their tax returns annually by the end of March of the following year.

- The tax year in Angola runs from January 1st to December 31st.

- Companies must pay their taxes in two installments, with the first installment due by the end of June and the second installment due by the end of November.


Personal taxation:

- Individuals in Angola are subject to personal income tax on their worldwide income.

- The personal income tax rate ranges from 0% to 17%, depending on the amount of income earned.

- The tax year in Angola runs from January 1st to December 31st.

- Individuals are required to file their tax returns annually by the end of March of the following year.

- Taxes are paid in two installments, with the first installment due by the end of June and the second installment due by the end of November.


Other taxes:

- There is a value-added tax (VAT) in Angola, with a standard rate of 14%.

- There are also taxes on certain activities, such as real estate transactions and property transfer.


It is important to note that Angola's tax system is subject to change, and individuals and companies should seek professional advice to ensure compliance with current tax requirements. Additionally, there may be penalties for late or incorrect filing of tax returns and payments, so it is important to adhere to the tax calendar and deadlines.

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