Exceptional regularization of tax customs and social security Debts

In December 2018 was published Law 18/18 that approves the Angolan State General Budget for 2019 that foresees a Special Regime for Tax, Customs and Social Security Debt Regularization.

Such regime is applicable since the 2 January 2019 and grants the taxpayers with debts the possibility to proceed with the regularization of their debts without paying interest, fines and procedural costs if some requirements are duly fulfilled.

In light of the above and in order to benefit from such procedure the taxpayers will have to pay the full amount of the taxes debts.

Such regime also foresees the possibility for payment of tax debts in installments, still allowing the taxpayer to benefit a dismissal of the payment of interest, fines or procedural costs if the total payment in duly made until 31^st December 2019.

In order to be able to benefit from the present regime the following requirements need to be fulfilled:

• The taxes debts should be connected to tax facts occurred until 31 December 2017;
• Such request should be made by written or through the fulfillment of a form made available by the tax authorities until 30 of June, 2019;
• The payment of the existent tax debts should be made the latest until the 31^st December 2019;
• Corporate entities taxed under the oil and mining special tax regimes are excluded from the application of this regime.

Summarizing this measure should be seen as stimulator of the national economy allowing some taxpayers to recover their financial stability.