The financial information reporting system for US citizens and investors holding bank accounts in Angola has come into force in the country, following a Presidential Decree printed in the State Gazette of 20 June.

According to the State Gazette that reached Angop on Thursday, the system comes in response to the agreement on Foreign Account Tax Compliance Act (FATCA) and sets the Angolan financial institution’s liabilities concerning the identification of certain accounts information reporting to the Angola’s General Tax Administration (AGT), thus reinforcing the conditions for enforcement of international cooperation mechanisms.

The system, according to the source, is also meant to combat tax evasion under the accord between Angola and the United States of America signed on 9 November 2015.

Under this accord, Angolan authorities are bound to provide to the US tax authorities all personal and financial information concerning American resident and owning assets in Angolan financial institutions.

The Presidential Decree states that the system applies to financial institutions headquartered in Angola or under the country’s direct management, excluding any overseas-based branch and Angola-based branches of foreign institutions headquartered abroad.

Source: Angop