Angola to Assist US Monitor Citizens Income
The Foreign Account Tax Compliance Act (FATCA), aimed at combating tax evasion by US citizens holding financial assets in financial institutions based outside the US, will come into force in Angola from September 2017.
The adoption of the US tax compliance model was announced by the manager of General Tax Administration (AGT), Gilberto Luther, when speaking to Angop on implementation of FATCA in Angola.
The official said that from September 2017 the FATCA will report the assets of the US citizens who benefit from income in Angola in order to inform to the American Tax authorities.
Under this indirect Model, approved in Angola in September this year, the information is collected by the national financial institutions to inform to the General Tax Administration (AGT) of the country that will report it to the US institution, he said.
Gilberto Luther mentioned the banks, insurance companies, pension and investment funds, among the institutions that will report US citizens’ accounts to the AGT which, in its turn, will inform the US institutions.
In order to ensure the implementation of FATCA in Angola, the President of the Republic, José Eduardo dos Santos, created a an inter-ministerial commission and a technical group that worked with the American counterpart on the agreements.
FATCA was approved in Angola on 29 August, 2016.
