Angola Approves Tax Incentives for Six Oil Blocks in Kwanza Basin

Luanda — Members of the National Assembly's 5th and 1st Standing Committees approved, at the committee stage on Thursday, the Joint Report and Opinion on the bill authorizing the President of the Republic to legislate on the granting of additional tax incentives for six oil blocks. The areas in question are the concession blocks 17/25, 19, 32/21, 33/24, 34, and 35, located in the ultra-deep waters of the Kwanza Basin, deep waters near Luanda, ultra-deep waters of the Lower Congo Basin, and deep waters of the Kwanza Basin. The Joint Report and Opinion received 26 votes in favor, with no votes against and no abstentions. On the same occasion, lawmakers also gave the "green light" to the bill for this purpose, with 27 votes in favor. Keep up with the latest headlines on WhatsApp | LinkedIn According to rapporteur MP Eva Costa, the concession areas for these blocks present high technical, operational, and geological complexity, as well as high exploration costs and significant risks to oil operations. She emphasized that assessments show the current tax regime does not provide conditions attractive enough to ensure the economic viability of the projects, justifying the granting of additional tax incentives and the adjustment of eligibility criteria. The proposed incentives, she continued, aim to ensure the economic viability of investments, attract capital for the exploration of new reserves, increase the country's oil production, preserve the legal stability of contracts, promote employment, and enhance the value of the national workforce. She also highlighted the incentives for knowledge and technology transfer, the boosting of state revenues, and the generation of economic benefits for the country. State General Account for 2024 During the joint meeting, the Joint Report and Opinion on the State General Account for the 2024 fiscal year was also approved, with 20 votes in favor and eight against. Regarding this matter, lawmakers recommended the continued refinement of the document's presentation and improvements in the implementation of public policies aimed at strengthening the social safety net and ensuring social stability, in order to boost consumption among the most vulnerable groups and reduce social inequalities. They also advocated for enhancing the sustainability of the "Kwenda" Social Protection Strengthening Program through the mobilization of domestic and external resources, as well as its progressive integration into the national social protection system. Get the latest in African news delivered straight to your inbox By submitting above, you agree to our privacy policy . We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. There was a problem processing your submission. Please try again later. They suggested including statistical data in future fiscal years regarding school meals and students who are deaf, blind, gifted, or on the autism spectrum, as well as information on the protection of children's rights. Furthermore, among other points, they called for prudent public debt management to ensure debt levels remain within limits relative to the Gross Domestic Product (GDP). ACC/QCB/DOJ Read the original article on ANGOP . AllAfrica publishes around 600 reports a day from more than 90 news organizations and over 500 other institutions and individuals , representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica . To address comments or complaints, please Contact us . AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 600 news and information i