Oil tax revenue hits highs in more than three years

The State has invested around US$1.1 billion in revenue fiscal with the export of oil in the month of March, the best register, in national currency, since September 2014, period before the start of the crisis.

The information results from an analysis by the Lusa agency of the March 2018 report from the Ministry of Finance, on revenues from the sale of oil, as well as from previous years.

In the third month of the year, Angola exported 43,127,199 barrels of oil (1.541 million barrels less than in February), at an average price that increased, in the space of a month, from US$61.66 to US$62,391.

Although tax revenues, in kwanzas, have risen, the result is affected by the strong depreciation of the currency since 2014, and between January and March alone it has already fallen by another 30 percent, against the euro.

Global oil sales in March thus amounted to US$2690 million, which in turn represented tax revenues for the Angolan State in excess of 253,205 million kwanzas (US$1.1 billion).

In January, the State had already allocated 223,535 million kwanzas with tax revenues from oil exports, a figure that in February rose to 224,422 million kwanzas.

The Government established the reference price of US$50 per barrel of oil to prepare the General State Budget (OGE) for 2018, when the value on the international market has been above US$60 since the beginning of the year.< /p>

The March numbers are only in line with the period prior to the crisis of the drop in oil prices on the international market, in this case compared to 243,329 million kwanzas in guaranteed oil tax revenues in September 2014.

In 2014, the best record in fiscal revenues generated from the export of oil was reached in January, then with 325,155 million.

The origin of these data are figures on revenue collected from the Petroleum Income Tax (IRP), Petroleum Production Tax (IPP), Petroleum Transaction Tax (ITP) and national concessionaire revenues.

The data contained in these Ministry of Finance reports result from tax returns submitted to the National Tax Directorate by oil companies, including the national concessionaire, Sonangol.

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