Luanda - The Angolan government will extend the exemption from Labour Income Tax (IRT) to civil servants with salaries of up to 100,000 kwanzas, said Tuesday in Luanda the Finance minister Vera Daves.
According to her, the measure is included in the State’s General Budget (OGE) proposal for the 2024 financial year, delivered this Tuesday by the Government to the National Assembly (Angolan parliament).
The current law only exempts from IRT civil servants with salaries of up to 70,000 kwanzas.
Vera Daves informed that this is one of the ways to provide families some relief through this tax measure.
"In this Draft Law on the General State Budget we are trying to balance the equation, giving some space through tax relief and through the 5% salary adjustment for civil servants", she stressed.
Increased spending in the agricultural sector
The Finance minister said that in the mentioned budget proposal, the agricultural sector may record an increase of about 80% since the government is strongly committed to investing in agribusiness and food security.
Through this budget, she assured, the government will finance public financial institutions, such as the African Development Bank (BDA), the Credit Guarantee Fund, and the Agrarian Development Support Fund, among others, by making available around 147 billion kwanzas.
The government official also revealed that the 2024 OGE proposal has been adapted to exchange rate fluctuations so that the budget can be implemented in full.
The OGE includes estimated revenues of 24 billion Kwanzas and expenditures of the same amount.
The economic projections for the 2024 financial year were calculated on the basis of an average oil price of USD 65.00 per barrel and average daily oil production of one million and sixty thousand barrels.
DC/VM/MRA/jmc
