Bangkok:The Angolan Government is preparing to implement a series of tax reforms, including the introduction of Personal Income Tax (IRPS) and Corporate Income Tax (IRPC), set to take effect in 2027. This announcement was made by Ottoniel dos Santos, Angola's Secretary of State for Finance and the Treasury, during the World Bank Group and International Monetary Fund (IMF) Annual Meetings.
According to Angola Press News Agency, the reforms are aligned with the concluding phase of Angola's Privatisation Programme (PROPRIV), which aims to divest the remaining eight state-owned companies to the private sector. The tax reforms are part of a broader strategy to enhance fiscal management and economic growth.
Ottoniel dos Santos noted that decreased inflation has enabled a reduction in domestic securities interest rates by 3 percentage points, with year-end rates projected between 10% and 11%. On the international front, Angola has issued USD 4 billion in securities, including operations involving JPY 1.2 billion and liabilities in pounds sterling. The country's government debt stands at 51% of GDP, offering fiscal flexibility.
The economic outlook includes a 6% growth rate in the non-oil sector, surpassing the expected 4%, while the budget deficit was adjusted to 3.9% to address rising fuel subsidy costs. The upcoming General State Budget (OGE 2027) will follow a conservative plan in line with IMF oil price estimates.
The World Bank and IMF Annual Meetings, held under the theme 'Thailand's New Horizons Empowering People, Building Resilience', addressed global economic challenges and focused on sustainable, resilient, and inclusive growth. Key discussions included mobilizing private capital, job creation, technological innovation, artificial intelligence, and strengthening economic resilience. Angola's delegation, led by Secretary of State for Planning Luís Epalanga, participated actively in the discussions.
This was the second time Thailand hosted the meetings, with the first occurrence in 1991. The meetings, usually held every October, rotate locations with two consecutive editions in the United States followed by one in a member country.
