Africa Oil & GaaAngola’s tax revenue from oil exports reaches US$953 million in January

ANGOLA oil sector tax revenues

Last January Angola exported more than 52.25 million barrels of oil at an average price of over US$51, indicates the Finance Ministry’s monthly report on oil sale revenue.

Angola therefore posted an increase of more than 3.3 million oil barrels compared to the month of December 2016, when each barrel was sold for an average of US$44.2, accounting for a state fiscal intake of 114.5 billion kwanzas (US$686.6 million).

The Finance Ministry report adds that sales in the month of January earned tax revenue of 158.9 billion kwanzas (US$953 million), whose only parallel was in October 2015.

In 2014 Angola exported each barrel at more than US$100. But by March 2016 the price had fallen to a several-year minimum of US$30.4 per barrel.

The revenue figures refer to intake from the taxes on oil income (IRP), oil production (IPP) and oil transactions (ITP) and the national concessionaire’s earnings from 12 national oil concessions.

The information contained in these Finance Ministry reports is derived from tax declarations submitted to the National Tax Directorate by oil companies, including the Angolan state oil company Sonangol. (Source: Macauhub)

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