Angola’s Oil revenue rises to AKz 9.108 bln in 2022

Crude oil revenues reached 9.108 billion kwanzas in 2022, with growth of 51% compared to the same period (2021), which stood at around AKz 6.034 billion.

Last year’s revenue is the result of the sale of around 417 million barrels of oil, as well as the payment of taxes on the transaction, sharing and production of crude oil, said the manager of the General Tax Administration (AGT), Tiago Santos.

Speaking at a press conference on Monday in Luanda, the manager added that the non-oil sector increased by 22%, as result of collection of revenue of 4,638 billion kwanzas, in 2022, against the AKz 3.816 billion reported in the previous year.

Most taxes showed positive growth in 2022 compared to those in 2021.

Still in the same period, the Industrial Tax and Value Added Tax (VAT)

contributed the most, with a share of 27% each.

Meanwhile, the Commerce sector contributed the most to non-oil revenue in 2022,

representing around 24% of the total collected, followed by the Extractive and Manufacturing Industry sector, with 12.8% and 11.1%, respectively.

Overall (sum of oil and non-oil revenues), tax revenue totaled AOA 13,746 billion, which corresponds to a 40% growth compared to 2021.

Non-oil revenues in the first quarter of 2023.

In the first quarter of 2023, non-oil revenue totaled AKz 976 billion, which corresponds to growth of 13% compared to the same period last year, according to the director of AGT, who took stock of the activities performed in 2022 and the first quarter of this year.

Source: Angola Press News Agency (APNA)