Luanda: The Secretary of State for Finance and Treasury, Ottoniel dos Santos, emphasized the vital role of taxpayer declarations in determining tax liabilities during a speech in Luanda on Tuesday. Speaking at the Joint Meeting of Specialized Labor Commissions, which was focused on the proposed law to approve the National Tax Code, dos Santos highlighted that taxpayer declarations are the cornerstone of the tax system. These declarations provide the necessary information for authorities to ascertain the correct amount of tax owed at the time of payment. According to Angola Press News Agency, dos Santos noted that Angola is actively participating in international cooperation to exchange tax-related information. The General Tax Administration (AGT) already shares data on income earned by non-residents in Angola and receives information from foreign tax administrations. This exchange allows for thorough cross-verification and validation of taxpayer declarations. Dos Santos explained that if the declared income aligns with available data, no adjustments will be required. However, in instances where discrepancies or omissions are identified, tax adjustments may be implemented. He further elaborated on the taxation of income from dependent employment, stating that both fixed and variable additional remuneration should remain taxable as they constitute income. He advocated for maintaining the current regime regarding compensation, without introducing additional reductions or exemptions. Furthermore, he supported the taxation of specific payments to third parties, as mandated by law. In terms of business revenues, dos Santos endorsed the continued taxation of activities in sectors such as commercial, industrial, agricultural, forestry, and aquaculture. Regarding the simplified tax regime, he announced that a review process would commence starting from article 18, aiming to enhance clarity and facilitate its practical application.
