Angola

The major recent tax changes were the following:

• Ratification Letter 1/22, of 16 March 2022, ratifies the Convention between the Republic of Angola and the People's Republic of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (Convention), signed in Beijing on 9 October 2018 and approved for ratification by Parliament’s Resolution 29-A/19, of 23 January 2019.
• Law 8/22, of 14 April 2022, approves the Tax Benefits Code (TBC). The Law introduces new tax benefits and aims at condensing in a single diploma all the tax benefits foreseen in multiple legal diplomas. It also includes definitions and sets out deadlines, rules, and principles to be observed when granting tax benefits, as well to assess the lack of compliance with the underlying assumptions; in addition, exemptions are established for the public sector. See the Tax credits and incentives section for more information.
• Order 1083/22, of 15 March 2022, issued by the Ministry of Finance of Angola, updates the List of Large Taxpayers. This Order follows the requirements established by Presidential Decree 147/13, of 1 October 2013, that approved the Statute of Large Taxpayers and clarifies that, besides the entities already included therein, oil companies and financial institutions are also considered subject to the said Statute.
• Law 27/22, of 22 August 2022, published in the Official Gazette, amends the Corporate Income Tax (CIT) Code. This law reduces the CIT withholding rate to 6.5% on income from services provided by non-resident entities. See the Withholding taxes section for more information.