Angola starts taxing transfers abroad on January 1, 2024

As of January 1st, the 2.5% tax for individuals will apply to all foreign currency transfers abroad, except those for health and education expenses.
The Special Contribution on Foreign Exchange Operations (CEOC), applicable to transfers in foreign currency outside Angola, with a rate of 2.5% for individuals and 10% for legal persons, will come into force on January 1, 2024.
The information is contained in a note from the Angolan General Tax Administration (AGT), signed by its president, José Leiria, this Wednesday, and which specifies how it will be applied.
This tax will be levied on all transfers in foreign currency abroad made by natural or legal persons with their domicile or registered office in Angola, within the scope of contracts for the provision of services, technical assistance, consultancy and management, capital transactions and unilateral transfers.
In the communication, the Angolan tax authority reports on a meeting held with the Angolan Association of Banks, which is partly responsible for compliance with this new rule, and recalls that the law that approved the General State Budget (OGE) for 2024 provides for the introduction of the CEOC into the Angolan legal system.

About Geraldine Boechat 2737 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia