President of the Republic
FATCA – Tax Reporting System of Financial Data
Presidential Legislative Decree 1/17, of 20 June 2017Summary: This new act of legislation sets forth the tax reporting duties to be observed by Angolan financial institutions in the context of compliance with the Foreign Account Tax Compliance Act (“FATCA“), entered into by and between the Republic of Angola and the United States of America, on 9 November 2015 which was approved by the Presidential Decree 162/16, of 29 August 2016.
In accordance with FATCA, the Angola authorities, namely the General Tax Administration (“AGT”), are required to report to the United States Tax Authorities (i.e. Internal Revenue Service) all personal and financial data of US citizens and US tax residents with financial assets domiciled at Angolan financial institutions.
Amongst other obligations, this new act of legislation, foresees that until June 30 of each year, Angolan financial institutions are required to report to the AGT information on the identity and other personal information of US citizens and US tax residents, that hold bank accounts in Angola, the amounts deposited at the end of each year and/or, if the bank accounts were closed, the amounts withdrawn by same.Tacking into account that this is the first year of implementation of the FATCA reporting system in Angola, the financial institutions are required to submit electronically to the AGT, on or before 30 June 2017, data in respect of the fiscal years of 2014, 2015 and 2016. The AGT will then submit this information to the US Tax Authorities.
This new act of legislation becomes effective on 21 June 2017.