Angola to end tax exemption for oil producersAngola is imposing a consumption tax on petroleum companies that will raise some costs by as much as 10 percent, according to reports citing government documents.
The law requires companies to follow a tax schedule that adds five percent to most services and supplies and double that for equipment rentals.
Angola, which is a member of the Organization of Petroleum Exporting Countries, set up a special tax reform branch in 2010 to work with government ministries on increasing revenue and closing loopholes in a bid to simplify taxation.
Majors like BP, Statoil and ConocoPhillips are amongst those investing in the country, which pumped about 1.74 million barrels a day in September from offshore fields, according to data compiled by Bloomberg.
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