Angola | 2020.11.23
Update to Public Calamity Measures
Presidential Decree No. 298/20, of 20 November 2020 was enacted updating the public calamity measures related to the SARS-CoV-2 and COVID-19 pandemic. The new statute amends the prior rules established by Presidential Decree No. 276/20, of 23 October 2020 on the operation of public and private services, social equipment and economic activities during the period of public calamity.
Angola | 2020.11.20
Information for Non-Resident Investors on Exchange Control Regulation
With reference to Order 15/2019, of 23 December 2019, on foreign investment made by non-foreign exchange residents, BNA, on 6 November 2020, clarified the following:
Angola | 2020.11.20
New Social Security Regime for Employees Engaged in Low-Income Activities
Presidential Decree No. 295/20, of 18 November 2020, was enacted to approve a social security regime specific to employees engaged in low-income activities. The new regime introduces special contribution rates of only 4% for the employer and 1.5% for the employees, to be levied on all elements of pay, thus corresponding to only 50% of the respective general contribution rates.
Angola | 2020.11.18
New Criminal Codes Enacted
Angola has enacted two critical pieces of legislation aimed at modernizing its criminal justice system: a new Criminal Code and a new Criminal Procedure Code, approved, respectively, by Laws Nos. 38/20 and 39/20, both of 11 November 2020. The new Codes are a direct result of the structural reform of the Angolan justice system that has been underway over the last couple of years, replacing in some cases quite outdated statutes, such as the 1886 Criminal Code and the 1929 Criminal Procedure Code.
Angola | 2020.11.02
Possibility of Deferring Recognition of Impairment Relating to Public Debt Securities for Purposes of Calculating Regulatory Own Funds
By means of Order 21/20, of 26 October 2020, the BNA established the terms and conditions that must be observed for the deferral of the recognition of the impairments constituted and registered by Banking Financial Institutions relating to public debt securities of the Republic of Angola, for the purposes of calculating Regulatory Own Funds.
Angola | 2020.10.22
New Legal Framework on Local Content in the Oil Sector Approved
Presidential Decree No. 271/20, of 20 October 2020, has been published, approving the new Legal Framework on Local Content in the Oil Sector. The statute aims at promoting economic diversification, the participation of local businesses in the oil sector, the increase of domestic production, and the reduction of imports, as well as the creation of employment and the training of the Angolan workforce within the oil industry.
Angola | 2020.10.17
Free Zones Law Enacted
The Free Zones Law (Law No. 35/20, of 12 October 2020) came into force on 12 October 2020.
Angola | 2020.10.15
Ratification of the Agreement Establishing the African Continental Free Trade Area
The President of Angola has ratified the Agreement Establishing the African Continental Free Trade Area (AfCFTA).
Angola | 2020.10.12
Update of Exceptional and Temporary Measures during State of Public Calamity
The state of Public Calamity has been extended until 7 November 2020. The Government decided, through Presidential Decree No. 256/20, of 8 October 2020, to update the measures to prevent COVID-19.
Angola | 2020.10.09
BNA Clarifies Rules on Payment of Salaries to Non-Residents
By means of communications to the commercial banks dated 22 and 30 September 2020, the BNA clarified some aspects of the framework resulting from Order No. 17/20, of 3 August 2020, which imposed that the payment of salaries to non-resident employees be made into accounts domiciled in Angola. We highlight the following: