Angola | Tax Alert | The Annual Real Estate Tax – Modelo 1
According to the Real Estate Tax Code, the taxable income of real estate, leased or partially leased, is determined through the filling of the annual tax return “Modelo 1” until the end of January with reference to 2018.
The annual tax return – named “Modelo 1”, must be delivered by any person or corporation that own a rented property at the Tax Offices where each real estate is located.
The submission of this tax return is mandatory when any changes occurs on the leasing of the property.
The submission of this annual declaration should subsequently arise to the assessment of the tax due, fixed accordingly to the income generated by its lease if it was not subjected to withholding tax.
The annual tax can be paid in two equal instalments in January and July 2018.
The submission of this tax return presumes that the real estate has been previously registered at the corresponding Tax Office.
When the property is not leased the real estate tax is due based on the patrimonial value and must be paid in two equal instalments in January and July 2018.
It’s important to ensure that the individuals or corporations who do not proceed with the property tax payment are accumulating tax debts which may give rise to enforcement proceedings, allowing the state to collect coercively the missing tax.