imageAngola | Presidential Legislative Decree No. 3/12, of 16 March 2012

Tax Incentives for Petroleum Companies

Preview Extract:

Presidential Legislative Decree No. 3/12 of 16 March 2012 Whereas the Petroleum Activities Law No. 10/04 of 12 November 2004 provides in its article 26 that the Government shall adopt measures to guarantee, promote and encourage the participation of Angolan citizens-owned companies in the oil sector, and to establish the necessary conditions for this purpose, and in paragraph 3 of article 31, that the National Concessionaire and Associates benefit from a special status of support and of special rights and obligations; Being appropriate to establish the regulatory framework for tax incentives to be granted to Angolan oil companies, pursuant to articles 26 and 31 of Law No. 10/04 of 12 November 2004, combined with paragraph 3 of article 11 of Law No. 13/04 of 24 December 2004 and article 23 of Law No. 14/03 of 18 July 2003; The President of the Republic, in accordance with paragraph 1 of article 125 of the Constitution of the Republic of Angola, and pursuant to Legislative Authorization granted by the National Assembly, through Law No. 9/12 of 29 February 2012, hereby decrees the following: