Tax

FOREIGN EXCHANGE POLICY The Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently approved Notice no. 01/2020, with a view to simplifying the administrative procedures for licensing the import of goods, and Notice no. 02/2020 with a view to making exempt from authorisation certain current invisible transactions, ordered by legal persons. NOTICE NO. 01/2020, OF 9 JANUARY Notice no. 01/2020 has amended the wording of Article 5 of Notice no. 5/18, of 17 July, stipulating that Banking Financial Institutions may carry out, without the BNA’s prior authorisation, import operations of goods with a settlement period of more than 360 (three hundred and sixty) days, as from the date of the customs clearance of landing. This Notice entered into force on the date of its publication. NOTICE NO. 02/2020, OF 9 JANUARY Notice no. 02/2020 establishes new rules and procedures for the carrying out of foreign exchange transactions involving current invisibles made by foreign exchange resident legal entities. According to the BNA’s announcement, the following should be highlighted in this regard: a) elimination of the obligation to license service agreements concluded with foreign exchange non-resident entities, regardless of their value; b) waiver of the need to send a copy of the contracts to the BNA; c) increase in the value of the transactions requiring the signing of a contract, from Kz 1,000,000 to USD 25,000. This Notice revokes Notice no. 13/13, of 6 August, and all legal provisions that are in contradiction with it. Notice no. 02/2020 entered into force on the date of its publication.

FOREIGN EXCHANGE POLICY The Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently approved Notice no. 15/2019 on the procedures for foreign investment operations carried out by entities qualified as non-residents for foreign exchange purposes. NOTICE NO. 15/2019, OF 30 DECEMBER BNA Notice no. 15/2019 (the “Notice”) establishes the procedures for foreign exchange transactions made by non-residents concerning: (a) foreign direct investment; (b) foreign investment in securities; (c) any disinvestment of the assets referred to in the preceding subparagraphs; and (d) income from investors referred to in (a) and (b). The Notice applies to all participants in foreign exchange operations, namely, natural or legal persons, qualified as non-residents for foreign exchange purposes, and to Banking Financial Institutions under the supervision of BNA. The Notice relates to foreign exchange transactions concerning foreign investment projects which have been registered with the BNA prior to the date of its publication. Investments made by non-residents in the oil sector are excluded from the scope of the Notice. The Notice revokes BNA Notice No. 13/2014 and BNA Notice No. 14/2014, both of 24 December, BNA Notice No. 1/2017, of 3 February, and all provisions of BNA Instruction No. 1/2003, of 7 February, contrary to that foreseen in the present notice. The Notice entered into force on the date of its publication.