Africa Oil & Gas: Angola raises US$1.788 billion in tax on oil exports in June

Oil price 154559_582x327Angola raised about US$1.788 billion in tax revenues from oil exports in June, the majority of which (76%) related to revenues at Angolan state oil company Sonangol, according to a report drawn up by the Special Taxation Directorate of the General Tax Administration.

The national oil company accounted for 224.934 billion kwanzas (around US$884 million) in tax revenues in June, the difference from the total being the taxes collected on Oil Production (IPP), Oil Income (IRP) and on Oil Transactions (ITP).

In the month under review, Angola exported 47.393 million barrels of oil, at a daily average of 1.579 million barrels, which were sold at an average price of US$75.15 per barrel, providing revenue of US$3.561 billion.

The Angolan government set the reference price of US$50 per barrel of oil to draft the State Budget for 2018, while the price on the international market has been above US$60 since the beginning of the year.

In 2017, Angola exported 595.6 million barrels of, at an average price per barrel of US$52.03, with tax revenue reaching 1.616 trillion kwanzas or US$6.35 billion, with Sonangol accounting for 1.063 trillion kwanzas or US$4.179 billion.(macauhub)

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