Angola • Alert • Submission of model 1 declaration of Industrial Tax for the year 2020
According to Law 26/20, 20th July, which amended the Industrial Tax Code, there are now two groups of taxation: General Regime and Simplified Regime.
Thus, for the fiscal year 2020, and as provided in article 51, the taxpayers of the General Industrial Tax Regime must submit a duplicate Model 1 declaration electronically, under the regulatory terms, or submit annually, until the last business day of May, at the competent tax office.
On the other hand, taxpayers subjected to the Simplified Taxation Regime, must present, until the last business day of April, the Simplified Declaration Template.
On the Simplified Industrial Tax regime are included:
- taxpayers of the Simplified VAT Taxation Regime, whose turnover or import operation is less than the equivalent in Kwanzas to US $ 250,000 (two hundred and fifty thousand dollars); and
- VAT Exclusion Scheme taxpayers.
It is also important to remember that the Industrial Tax rate for the year 2020 was reduced from 30% to 25%.
On.Corporate with 16 years of experience in the Angolan market will be able to assist companies complying with all the tax obligations in force.