26 March 2004
Luanda — Angola's Cabinet Council today in Luanda approved the draft law on taxation on petroleum activity, with a view to setting up the tributary regime applicable to local or foreign entities that operate in the country's various fields of the oil sector.
With this draft, the Government is seeking to harmonise the fiscal regimes applicable to the oil activity, taking into account the specifications on the oil operations' main associative modalities, namely in the production and participation association shares concerning taxes on oil incomes and collectable revenues.
Chaired by Angolan head of State, Jose Eduardo dos Santos, the meeting also approved the draft law on the Customs regime, that sets the rules running petroleum operations in the country.
Thus, according to a communique distributed to the press, the Government is also harmonising the Customs regime applicable to the various oil concession, establishing a system of equal treatment to investors in the sector.
To the Government, judging from the risks and volume of investments, the oil operations require a Customs regime that differs from the one currently in force for the other economic activity.
The Cabinet Council also approved the extension of concession of the Block Zero for an additional period of 20 years, until 31 December 2030, during which significant investments will be made in concessions of oil on the Cabinda offshore zone, in order to enable the concessionary and associates to implement the "Condensado de Sanha", that is on the buring of natural gas.
This block involves Angola's oil firm "Sonangol", "Cabinda Gulf Oil", "ENI" and "Total". The meeting also nominated José Gomes as chairman of the National Printing firm's Managing Board.
Be the first to Write a Comment!
Copyright © 2004 Angola Press Agency. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
