Africa Angola Diamond Economy Finance Government Mining Tax

Mining in Angola provides taxes of US$178M

The General Taxation Administration (AGT) of Angola raised 89 billion kwanzas (US$178 million) from 2015 to 2019 in tax revenues resulting from mining activities in the country, stated in Luanda, the president of the institution.

These taxes are from companies in the diamond sub-sector, within the framework of the general and special regime of taxation as a result of the measures outlined by the Government relating to the diamond marketing policy.

Cláudio Paulino dos Santos, giving the opening speech of a seminar on taxation in the mining sector, said that there are currently 472 taxpaying companies in the sector registered.

“These companies, 131 operating in the diamond sector, representing almost one third of the total. It is a capital gain, as there appears to be enormous potential for raising revenue for the State,” he said, quoted by the Angop news agency.

The official noted the supervisory actions carried out by the AGT for companies in the diamond sub-sector, as their actions must be in accordance with the law and are governed by strict international transparency standards.

For five days the forum will discuss and transfer knowledge between experts from the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development of the African Forum of Tax Administrations and the AGT.

Source: Macauhub

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