Luanda — Angola's Cabinet Council Wednesday analysed three proposals on Acts authorising the President, as holder of the Executive Power, to legislate on the deduction of the premium investment based on the taxable income rate.

This is an Income Tax on Petroleum for Blocks 18/15, 46 and 47 of the Angolan offshore, according to the statement from the 3rd Ordinary Meeting chaired by the head of State João Lourenço on Wednesday.

The three document will be discussed and approval by National Assembly.

The session also reviewed the Presidential Legislative Decrees that change the incidence of investment premiums for blocks 18/15, 46 and 47, aimed to boost and intensifying the replenishment of reserves.

The measure also aims to mitigate the "sharp decline" in hydrocarbon production and ensure the continued development of the oil industry and increased efficiency in the management and improvement of the country's natural resources.

The Cabinet Council also made changes and approved the republishing of the diplomas that grant the "National Concessionaire" mining rights for prospecting, research, evaluation, liquid and gaseous hydrocarbons in the Concession Areas of Blocks 18/15, and production from 46 and 47.

The Wednesday session also amended to the diploma that grants the National Concessionaire mining rights for prospecting, research, evaluation, development and production of hydrocarbons.

Today's session approved diplomas referring to the attribution of production and investment bonuses for Blocks KON 2, KON 11 and KON 16, as well as the setting of the Tax rate on Petroleum Production for the concessions, and on the approval of Risky Service Contracts.

The Council gave green light to the extinction of mining rights for the development and production of gaseous hydrocarbons, attributed to the National Concessionaire, in the Non-Associated Natural Gas Areas of Blocks 2/15-Garoupa Oeste, 15/14-Lira and 3/15-Moose and Gunga.