Angolan Oil Tax Revenues Increase by 3.2%

Angola’s oil tax revenues rose to 208 billion Angolan Kwanzas in July 2020, reflecting a 3.2% increase from the previous month, according to data released by the Special Taxation Directorate of the General Tax Administration (AGT).

In July, Angola exported roughly 37.1 million barrels of crude oil, which represented a 4.5% decrease from 38.8 million barrels exported in June. However, the price of the barrel increasedto $39.24 in July, against $24.36 in June.

Data from the AGT is generated from tax returns submitted by oil companies, including the concessionaire, which reported revenues in excess of 127.8 billion Kwanzas.

Taxes on Oil Income totaled 61.6 million Kwanzas, while Taxes on Oil Production totaled 17.7 million Kwanzas. 

Angola’s state budget has been revised against a $33-barrel price, while its initial projections valued the barrel at $55, before the onset of COVID-19.

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Shuaib Van Der Schyff

Shuaib Van Der Schyff

A Digital Marketing Coordinator, and a Graduate from the University of Cape Town with a Bachelor of Arts Degree in Media Studies and English Literature.

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