Angola published a series of decrees in May 2018 to support the country's oil and gas industry. With respect to oil, tax rates have been cut for marginal oil fields (less than 300 million barrels of reserves), with the petroleum production tax (royalty) rate reduced from 20% to 10% and the petroleum income tax rate cut from 50% to 25%. With respect to natural gas, a new separate tax regime has been introduced for oil companies engaged in natural gas exploration and production. The new regime for natural gas provides for a petroleum production tax rate of 5% and a petroleum income tax rate of 25%. For non-associated gas where a field has been certified as being less than 2 TCF (Trillion Cubic Feet), the applicable petroleum income tax rate is 15%. Further, natural gas activities are exempt from petroleum transaction tax.
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