Taxation in Angola

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Angola could increase government revenue and simplify collection by raising rates for the wealthiest earners and limiting the number of income-tax brackets, the Christian Michelsen Institute said.

Angola’s implementation of a 10 percent tax on some oil services, which passed into law two months ago, has left companies unsure how they can recoup expenses, a lawyer said.

Five banks – Banco de Poupança e Crédito, Banco Angolano de Investimentos, Banco Espírito Santo Angola, Banco de Fomento Angola and BIC – had 78 percent of banking sector assets in their control in 2012, according to a study by the KPMG consultancy published Wednesday in Luanda.

A newly published report on a corrupt deal for the repayment of the Angola debt to Russia in the early 1990s was presented at the European parliament on Tuesday as a vivid example of the plundering that can take place in developing nations with the complicity of European banks and tax havens.

The Financial Information Unit, that was created Wednesday by the Cabinet Council, is a body tasked with collecting, analysing and dealing with information related to suspected operations of money laundering or funding to terrorism.

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