Page 8 - Profmark Africa Overview 2024

Angola (GMT +1)

General:
▪ Capital City: Luanda
▪ Official Language: Portuguese
▪ Currency: Angolan Kwanza (AOA)
▪ Main Exports: Crude oil, petroleum, diamonds, fishing, timber, coffee
▪ Surface Area: 1 246.7 sq. km (thousands)
▪ Population: 38.2 million (2024,est)
Key Economic Indicators:
▪ GDP: $84,72 billion (2023) / GDP Growth Rate: 0.9% (2023)
▪ CPI Inflation Rate (annual): 13.6% (2023)
▪ Sovereign Credit Rating: Moody’s: B3
▪ Indicator of Economic Freedom Score: 54.3/100
Exchange Controls:
▪ Exist, administered by the Central Bank
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Individuals: Angolan-source income, Companies: Worldwide income
▪ Non-residents: Individuals and Companies: Angolan-source income
Tax Rates:
▪ Individuals: Progressive rates to 25% [the first AOA 100,000 of taxable income - 0%]
▪ Companies: 25%
▪ Inheritance and Donations Taxes: Varying rates from 10% – 30%
▪ VAT (Consumption Tax): 14%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: N/A
Useful links:
▪ Ministry of Finance http://www.minfin.gov.ao
▪ National Bank of Angola http://www.bna.ao
▪ FACRA https://facra.gov.ao

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