Angola Update - Presidential Decree No. 2/15

Available languages: PT

Following the authorization granted to the President for the implementation of a new Tax on transfers abroad, the Presidential Decree No. 2/15, of 29 June, 2015 was recently enacted.

The new tax ("Contribuição Especial sobre as Operações Cambiais de Invisíveis Correntes") shall apply to all transfers executed by Angolan residents in connection with the acquisition of specialized administrative, scientific, or technical services for purposes of maintaining, improving, or increasing a company's production capacity (either of goods or services), as well as increasing the level of employee professional training from foreign service providers.

Tax rate is 10% and shall be levied, by the Angolan paying entity, on the transfer amount.

Banking institutions will only be allowed to execute transfers abroad upon receiving evidence of payment of such tax.