Ver Angola


Angola starts taxing transfers abroad on January 1st

The Special Contribution on Foreign Exchange Operations (CEOC), applicable to transfers in foreign currency outside Angola, with a rate of 2.5 percent for individuals and 10 percent for legal entities, comes into force on January 1, 2024.


The information is contained in a note from the General Tax Administration (AGT), signed by its president, José Leiria, to which Lusa had access, and which specifies how it will be applied.

This taxation will apply to all transfers in foreign currency abroad, carried out by natural or legal persons domiciled or headquartered in national territory, within the scope of service provision contracts, technical assistance, consultancy and management, capital operations and transfers. unilateral.

In the communication, the tax authority reports on a meeting held with the Angolan Association of Banks, with part of the responsibility for complying with this new standard, and recalls that the law that approved the General State Budget (OGE) for 2024 provides for the introduction in the Angolan legal system of CEOC.

Under the terms of the OGE 2024 law, transfers intended for health and education expenses will be excluded from the regime, “as long as they are made directly to the respective health and education institutions, as well as the repatriation of dividends or loaned capital, including the respective interest”.

According to the AGT, the CEOC's calculation basis will be the amount in national currency that is the subject of the transfer, “regardless of the currency used”, on which a rate of 10 percent must be applied in cases of transfers made by legal entities and 2.5 percent percent in cases of transfers made by natural persons.

The measure establishes exemption from the aforementioned contribution to the State and its bodies, establishments and organizations (except public companies), as well as diamond companies and oil investment companies.

The tax body also clarifies that the economic and financial burden of CEOC “will fall on the natural or legal persons ordering the transfer” and that “the obligation to withhold, settle and deliver the tax will fall on the financial institutions at the time of processing the transfer to the outside.”

AGT recalls the obligation for financial institutions to proceed, from January 1, 2024, withholding the CEOC, establishing payment of a fine to said institutions in case of non-compliance.


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