ARTICLE · 28 MARCH 2016

Africa Tax In Brief - March 2016

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Law No. 28/15 ("Budget Law 2016"), which had been adopted on 31 December 2015, was published on 30 January 2016 and applies with effect from 1 January 2016.

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ANGOLA: Budget Law 2016 published

Law No. 28/15 ("Budget Law 2016"), which had been adopted on 31 December 2015, was published on 30 January 2016 and applies with effect from 1 January 2016. The Budget Law 2016 provides for:

the introduction of a Special Contribution on Banking Operations, to be levied at the rate of 0.1% on all financial operations by banking and non-banking financial institutions governed by the Financial Institutions Framework Law (Law 12/15 of 27 June 2015). The payment of salaries and other personal payments do not qualify as banking operations;
the maintaining in force of the Special Contribution on Current Invisible Operations, established by Presidential Decree no. 2/15 of 29 June 2015. The contribution continues to apply at a rate of 10% levied on transfers performed under management services and foreign technical assistance contracts.

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