Angolan Tax Authority cuts profit tax on agricultural companies

Recently, the National Assembly approved the amendment to Law No. 26/20 on Industrial Tax on July 22. The profit of agricultural companies will be levied at a rate of 10%, which is 15% lower than the general corporate income tax rate of 25%.

According to the official website of the State Administration of Taxation, the industrial tax rate has been reduced from 30% to 25%. Agriculture includes aquaculture, beekeeping, poultry, livestock, fishery and forestry activities.

Government departments pay special attention to agriculture, support economic diversification, and lower the tax rate by 5% from 15% to 10%.At the same time, adjustments were made to the self-invoicing system for downstream processing enterprises of agricultural products, and the withholding tax on the purchase of commodities was reduced from 2.4% to 2.0%.