Angola: Executive Creates Incentives for National Oil Companies

(file photo).

Luanda — National oil companies will now pay 30% contrary to the current 50% of the Petroleum Income Tax (IRP), for production sharing contracts in the onshore basins of the Lower Congo and Kwanza, in a total of nine, which enter public tender soon.

This is an incentive related to the bidding process for the onshore blocks of the Lower Congo (CON1, CON5 and CON6) and the Lower Kwanza (KON5, KON6, kON9, KON17 and KNO20 ', mostly within the Park National of Quiçama.

This incentive was advanced Wednesday in the meeting aimed to clarify on the basins to be bid, promoted by the National Agency of Petroleum, Gas and Biofuels (ANPG), which brings the aspect of competitiveness of national companies to the detriment of foreign oil companies, whose IRP rate is 50%.

For other types of contracts that ANPG has, where the tax is higher, for foreign companies, the IRP and 65.75% for national companies in this type of contract is identical to that attributed in the sharing and production contract, equivalent to industrial tax, 30%.

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