africa Angola Banking Currency Economy Finance Government Legislation oil Tax

Angola State Budget supported by 64% of tax revenues from non oil sector

The tax revenues from the non oil sector represent 64 per cent of the 2016 State Budget, said last Tuesday in Luanda the director of the General tax Administration (AGT), Hermenegildo Gaspar.

Speaking at the opening of the “International Conference on Taxation”, Hermenegildo Gaspar said that the current reality represents an historically relevant fact, having into account that the input from the crude-oil sector in 2011/2012 represented 80 per cent of the state revenue.

He went on to say that this highly substantial contribution of the oil sector to the State Budget changed considerably in the second semester of the year 2014 with the fall of crude-oil price in the international market.

Hermenegildo Gaspar, Director of the Angola General Tax Administration -AGT (Photo: Lino Guimarães)
Hermenegildo Gaspar, Director of the Angola General Tax Administration -AGT (Photo: Lino Guimarães)

The AGT director stressed that the path to follow by the Angolan State is that of focusing on the stabilisation and diversification of the revenues, aiming for the gradual reduction of the dependence on crude-oil.

Hermenegildo Gaspar delivered the opening speech of the event in representation of the Finance minister, Archer Mangueira.

The conference is being organised by the General Tax Administration (AGT), a state organ that for the past six years has been conducting a tax reform with a view to improving the materialisation of the government’s economic and social programmes.

The two-day conference – which will count on the contribution of Angolan and foreign experts from Mozambique, Kenya, Brazil, Cabo-Verde and South Africa – will promote debates intended to provide a higher understanding of fiscal issues, as well as the exchange of experiences among the professionals of this sector.

Source: Angop


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