Adding value Angolan Tax reform: Be prepared 5 March 2012

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1 Adding value Angolan Tax reform: Be prepared 5 March 2012

2 Index Background 3 Investment Income Tax 5 Stamp Tax 8 Consumption Tax 13 PwC Contacts 16 Be prepared PwC 2

3 Background

4 Background Under the ongoing it was recently published in the Official Gazette the following legislation: Amended Investment Income tax (Presidential Decree Law nr 5/11) New Stamp Tax Code (Presidential Decree Law nr 6/11) Amendments to the Consumption Tax regulation (Presidential Decree Law 7/11) We support the customer in achieving an active policy risk prevention and harnessing opportunities. Although only now published, the Official Gazette dates back from December 30, 2011 and the changes now introduced are in force since January 1, Due to this time gap, we will start contacts with the Authorities in order to clarify their understanding of when the changes should be effectively in force. In the following pages we have outline the major changes provided in the new tax legislation. Be prepared PwC 4

5 Investment Income Tax

6 Investment Income Tax Decree Presidential Law nr 5/11 of 30 December 2011 was recently published. This new law introduces some changes in the Investment Income Tax Code. This law is applicable from the enforcement date (1 January 2012) to all the payments of income, subject to Investment Income Tax. However, it is only applicable to treasury bonds and interest on Central Bank bonds if these were acquired on or after 1 January What has changed? The changes introduced in the Investment Income Tax Code (IAC) aims to widen the tax base assessing other income that was not subject to tax in the prior legislation. This new regime also abolishes some exemptions granted previously and as included territory rules for the application of investment income tax. The penalties applicable to the investment income tax have also been updated. Taxable income and applicable rates In section A, there is no change in the income that is being taxed for Investment Income tax purposes. In section B, the following income is now subject to Investment Income Tax: Interest from bank current or term account Interest from Treasury notes or Treasury bonds Interest of debts securities issues by the National Bank Income derived from the sale of shares or other instruments subject to IAC, if not subject to Corporate Income Tax or Employment Income Tax Premiums on gambling, prize raffles, lotteries or any other gambling bets, whatever its nature or origin Indemnities paid to companies for the suspension of business activity IAC at 10% IAC at 10% (or 5% for interest with maturity equal or higher than five years) IAC at 10% (or 5% for interest with maturity is equal or higher than three years) IAC at 10% on the positive difference between acquisition price and proceeds received IAC at 15% IAC at 15% Be prepared PwC 6

7 Place of taxation The income in section B is subject to Investment Income Tax if: - the income is paid by an individual or corporate entity with its domicile, head office or place of effective management in Angola - the income is made available through a permanent establishment in Angola - the income is received by an individual or corporate entity with its domicile, head office or place of management in Angola - the income is attributed to a permanent establishment in Angola Exemptions The exemption applicable to Section A remains the same. In Section B, the following exemptions are now applicable: - Dividends distributed by an entity that has its head office or place of effective management in Angola, if the beneficiary entity is an Angolan entity, subject to Corporate Income Tax, which holds a share participation higher than 25%, for a period of more than one year before the dividend distribution - Interest from financial products approved by the Ministry of Finance are intended to encourage savings, capped to capital invested of AKZ 500,000 for each person - Interest from housing saving accounts intended to encourage savings for main permanent dwellings These are the only exemptions mentioned in the Investment Income Tax Code for Section B. Compliance By the end of January, the taxpayers subject to Investment Income Tax, either related to Section A or B, should file a return that should include all the income received, paid or made available in the preceding year. Penalties The lack of payment due by the deadline is now subject to the penalty of double the tax amount due for all the time incurred up to the payment date. (This amount will never be lower than 10 UCF (Unidade de Correcção Fiscal that at this date equals AOA 88,00)) Be prepared PwC 7

8 Stamp Tax

9 Stamp Tax Decree Presidential Law 6/2011 of 30 December 2011 was recently published. This new law introduces significant changes in the Stamp Tax Code. The Decree entered into force on 1 January What has changed? Under the new Stamp Tax Code, several tax acts that were previously subject to Stamp Tax have now been excluded, as they are no longer applicable to the Angolan economic reality. The law is now clearer on the rules related to the assessment, settlement, exemptions and compliance obligations. Territory application Stamp Tax is applicable on all acts and operations provided in the Stamp Tax Table that have been incurred in Angolan territory. The following acts and operations are also subject in Angolan territory: documents, acts or contracts issued or entered outside Angola, if presented in Angola for any legal purpose credit operations realised and guarantees granted by credit institutions or other entities located in and outside Angola to Angolan resident entities interest, commissions and other considerations for financial services charged by credit institutions or financial entities located in and outside Angola provided to Angolan resident entities insurance policies taken outside Angola whose risk exposure is located in Angola Be prepared PwC 9

10 Taxable Operations Type of operations On Receipts Stamp Tax on receipts (in cash or in kind) is still applicable. Financial operations Stamp Tax is applicable to financial operations, such as credit utilisation (and not only open credit accounts) and bond guarantees, interest and commission charged by financial institution, as well as foreign withdrawals, foreigner public debt bonds, foreign notes and coins. As a general rule, Stamp Tax is due for the entity that provides the credit and charge for the interest and commissions being then charged to the borrower or the interest / commissions debtor. Stamp Tax rates The rate of Stamp Tax for receipts remains at 1%. Credit facilities are subject to Stamp Tax on the utilisation of such funds and depending on the period the rates of Stamp Tax will vary from 0.3% to 0.5%. For regular credit, bank overdrafts or credit where the period is not determined, Stamp Tax applies at a rate of 0.001% Housing credits are subject to Stamp Tax at a rate 0.001%. Financial leasing on real estate and financial and operational leasing of tangible assets (maintenance and technical assistance included) are now subject to Stamp Tax at a rate of 0.3% and 0.4%, respectively. Real Estate Operations Stamp Tax is due on a paid acquisition of real estate by the acquirer. Stamp Tax is also due on letting and subletting, as well as on financial leasing of real estate, except when the leasing is for a permanent dwelling, which is exempt from Stamp Tax. It is now clear in the law that tenants and sub-tenants are liable to Stamp Tax on letting and sub-letting Corporate Operations Stamp Tax is due on the initial or increase of share capital, whether made in cash or in kind. Stamp Tax applies on the acquisition of real state at a rate of 0.003%. Stamp Tax applies on the registration of letting and subletting contracts at a rate of 0.004% On share capital and increase of share capital Stamp Tax applies at a rate of 0.1% Be prepared PwC 10

11 Insurance Insurance provided by national companies is subject to Stamp Tax, being the tax settled by the insurance company cost of insured person. The commissions generated in the insurance mediation business will also be subject to Stamp Tax. Premiums and commission related to life insurance products, insurance against accidents at work, health insurance and agricultural processing and livestock insurance are exempt from Stamp Tax. The Stamp Tax applies of the amount of premium paid and rates may vary from 0.1% to 0.3% depending on the policy s nature. Commissions for mediation are subject to Stamp Tax at a rate of o.4%. Other operations In addition to the operations referred to above, the new table also refers the Stamp Tax applicable to written agreements, financial and operation leasing in tangible assets, custom operations, cheques, lending, civil deposits, gambling, licenses, traders books, deeds, report, credit bonds, transfer of business among other acts. Other Stamp Tax applicable: Transfer of industrial or agricultural business Stamp Tax applies at a rate of 0.2%. Stamp Tax of 1% on the import value. Exemptions The new Stamp Tax Code provides for several exemptions namely: credit granted for a period of up to a maximum of five days, micro-credit, credit related to young accounts and old age accounts, and others of a similar nature that does not exceed the amount of AKZ 17,600 each month; credit derived from credit card utilisation, when the reimbursement is made free of interest, according to the terms of the contract credits related with exportation, when duly documented with the respective Custom Clearance amounts due on the mortgage for the acquisition of a permanent dwelling on interest and commissions charged on financial operations such as young accounts, old age accounts and credits related to export under the terms mentioned above interest from Treasury Bonds and Angolan Central bank notes commissions charged for subscriptions, deposit and withdrawal from units of investment funds, as well as the charges from the pension funds commission charged on the opening and utilisation of saving accounts Be prepared PwC 11

12 credit operations (including interest) for periods not exceeding one year, provided these are obtained exclusively to cover treasury needs, when realised between shareholders and entities in which a direct capital shareholding not lower than 10% is held and which has remained in their ownership for a year (consecutively), or since the incorporation of the respective entity loans bearing the characteristics of shareholder loans, including the respective interest, made by shareholders to the company in respect of which an initial period not shorter than one year is stated and no reimbursement is occurred before the end of that period treasury management operations, carried out between companies within the same group Insurance premiums and commissions related to life insurance, work accidents, health, agriculture and livestock insurance products Payment and compliance The payment should be done through a DLI (Documento de Liquidação de Impostos) including a list, according to the applicable section of the Stamp Tax Table, of all Stamp Tax paid. Stamp Tax is paid by the end of the following month. Any excess of Stamp Tax paid could be compensated in the following month, only if related to the same section of the Stamp Tax table. A Stamp Tax annual return should be submitted by the end of March of the following year, disclosing all the acts, contracts and operations that have been liable to Stamp Tax. The accounting records should also be organised in a way that is possible to identify the Stamp Tax paid, according to the section in the Stamp Tax table that the payment relates to. Taxation is one of the crucial aspects of a modern and efficient management. Access to specialized and innovative advisory services is an essential factor in the prevention of contingencies, in alternative tuning and strengthening competitive capacity not affected by tax inefficiencies Be prepared PwC 12

13 Consumption Tax

14 Consumption tax The Presidential Decree Law 7/11 of 30 December 2011 was recently published. This new law introduces some changes to the Consumption Tax Code approved by Decree Law 41/99 of 10 December, and introduces an exemption principle for local production. The Decree entered into force on the 1 January What has changed? One of the major changes relates to the introduction of new services liable to this tax and the associated procedures for assessment and payment. Another relevant change is also introduced with regard to local production. The law states that any exemption granted to the importation of goods will also be applicable to the local production of the same goods. Finally the diploma clarifies that responsibility for Consumption Tax payment and any declarative obligations lies with the producer, supplier of goods or service provider, rather than the final consumer. However, the Consumption Tax, in practice, increases the final price attributed to the goods produced or services rendered. Taxable services The following services are now subject to Consumption Tax: Type of Service Lease of areas designated for collection and parking of motor vehicles Leasing of machinery and other equipments, as well as work carried out in tangible assets Leasing of areas used for conferences, colloquiums, seminars, exhibitions, showrooms, advertising or other events Consultancy services, namely legal, tax, financial, accounting, IT, engineering, archictecture, economics, real estate, audit services and legal services Photographic services, film processing and imaging, IT services and construction of web sites Applicable IC rate Port, airport and custom agent services 5 Private security services 5 Tourism and travel services promoted by travel agencies or equivalent tour operators 10 Be prepared PwC 14

15 Canteen, cafeteria, dormitory, real estate and condominium management services Access to cultural, artistic and sporting events 5 5 Road, sea, train and air transportation of cargo and containers, including the management of warehouses related to this transport, and passenger transportation, if provided in Angolan territory 5 For all the services mentioned above the tax compliance obligations are now the responsibility of the service providers. However, if the service providers are nonresident entities in Angola, the obligation will revert to the resident entities acquiring the services, if they are liable to pay Corporate Income Tax. The Consumption Tax rates have also changed for some services already subject to the tax, as follows: Type of Service Applicable IC rate Hotel management and similar services 10 Telecommunications 5 Water supply 5 Electricity supply 5 Assessment and Payment The assessment of Consumption Tax should be made by the producer, supplier of goods or service provider when the invoice or equivalent document is issued by either the tax resident entity or the acquirer, as described above. The assessed amount of Consumption Tax can be added to the invoice or equivalent document and collected from the acquirer who is purchasing the goods and services subject to tax. Be prepared PwC 15

16 PwC contacts

17 PwC contacts Pedro Calixto Partner Tax T: M: Jaime Esteves Partner Tax T: Eduardo Paiva Director Tax T: M: Be prepared PwC 17

18 Perspective of PricewaterhouseCoopers Angolan (Angola), Tax Limitada. Reform All rights reserved. In this document, PwC refers to PricewaterhouseCoopers (Angola), Limitada, which is a member Be prepared firm of PricewaterhouseCoopers International Limited, each member firm of which ispwc a separate 18 legal entity.

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