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Special Contribution on Exchange Operations on Current Invisible

The Law which approved the State General Budget for the Economic Year of 2019 (Law no. 18/18, 12.28) created the Special Contribution on Exchange Transactions of Current Invisible (article 15).

This Contribution covers transfers made under contracts for the provision of technical assistance or management services, regulated by Presidential Decree No. 273/11, 10.27.

The other Current Invisible Exchange Transactions, regulated by Decree 21/98, 07.24, are not subject to this Special Contribution.

The Special Contribution rate is 10% on the amount of the transfer to be made.

The basis of calculation is the amount in national currency which is transferred, regardless of the exchange rate used.

The tax liability is deemed to have been constituted at the time prior to the transfer.

The taxable persons of this Special Contribution are natural or legal persons governed by private law and public companies, domiciled or headquartered, effective management or permanent establishment in Angola, who request to a financial institution to make transfers for the payment of technical assistance or management contracts.

Liquidation is carried out by the taxable person at the competent tax offices, before the financial institutions are able to process the transfer subject to the said contribution. The payment is also made by presentation of the Tax Settlement Document (DLI), which discriminates the taxable amount.

Financial Institutions should only carry out transfers by prior certification of the Receipts Collection Document (DAR) or Collection Document (CD), failing which they will incur a fine corresponding to twice the amount of the Special Contribution due, without prejudice to other established infractions in the General Tax Code.

The State and any of its bodies, establishments and agencies, other than public companies, are exempt from this Contribution. Public welfare and social security institutions and public utility associations recognized by law are also exempt, except when they act in the context of the development of economic activities of a business or commercial nature.