Angola MOF Posts Draft 2021 Budget Bill

The Angolan Ministry of Finance Nov. 25 posted online the Draft 2021 Budget bill. The draft bill includes measures that would: 1) strengthen banking reporting rules, with penalties of 25 percent of unwithheld tax amounts for noncompliance; 2) set the 10 million-Angolan kwanza (US$15,247) threshold for VAT obligations, except for manufacturing entities required to pay VAT regardless of turnover; 3) establish a simplified VAT regime at a 7 percent monthly rate for entities with operations under 350 million kwanzas (US$533,660); 4) require 2.5 percent VAT withholding by automatic payment terminals for the transfer of goods and services; 5) set the ...