africa Angola Economy Tax

Angola proposes amendments to Income tax code

The Angolan parliament on Wednesday approved the draft law amending the country’s Income Tax Code (IRT), which aims to increase the tax base, the Angolan press reported.

The law, approved by a majority, includes the taxation of active workers over 60 years of age, who are currently exempt from IRT taxation.

The bill introduces taxation on Christmas and Holiday allowances, which are not subject to taxation under the current scheme.

The new proposal retains exemption only on pensions for retired workers, given its essentially social function.

While presenting the document to members of parliament, Finance Minister Archer Mangueira said that despite exemptions being revoked, “workers with a monthly salary of less than 34,000 kwanzas (US$94) will remain exempt from the IRT.

The IRT is currently levied on employees, self-employed people and those whose income is from industrial and commercial activities is included in the current table of minimum profits.

Source: Macauhub

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