Angola

The major recent tax changes were the following:

• Law 14/23, of 28 December - Law amending the Value Added Tax Code (“VAT”) was published on 28 December 2023 and came into force on the same day. On the same date, the full republication of the VAT Code was approved, including the changes, amendments and revocations.
• Law 15/23, of 29 December 2023 approved the General State Budget for 2024 (OGE 2024). This diploma entered into force on 1 January 2024. Amongst various tax measures we highlight the following: 

(i) the introduction of the Special Levy on Foreign Exchange Operations, which is due on transfers related with agreements for the rendering of services, technical assistance, consulting and management, capital operations and unilateral transactions. Other conditions apply. 

(ii) For Corporate Income Tax purposes, equity variations and latent capital gains or losses resulting from the updating of fixed assets – tangible fixed assets, intangible fixed assets and investments in real estate – at fair value may be fiscally neutral, with an impact in the 2023 fiscal year, and shall not be taken into consideration for the purposes of assessing the taxable base for CIT purposes. Consequently, the depreciation and amortization of fixed assets in the part resulting from the revaluation should not be tax deductible and the revaluation reserves are also not distributable as dividends.

(iii) Employment income is exempt from Personal Income Tax up to Kz100,000.00 (one hundred thousand kwanzas).

• Presidential Legislative Decree 1/24, of 3 January 2024 - approves the new Customs Tariff for Import and Export Rights and revokes Presidential Legislative Decree 10/19, of 29 November 2019.