Angola raised almost 10 billion euros in tax revenues from oil exports in 2018, falling short of the target set by the Government in the General State Budget (OGE).
The information comes from an analysis made today to the 12-month history of Angola’s Ministry of Finance reports on revenues from the sale of oil.
According to these data, Angola exported a total of 536,836,904 barrels of crude oil in the year 2018, at an average of 70.34 dollars per barrel, against a forecast, registered in the OGE, of 620 million barrels and an estimate of $ 50 each.
Between January and December 2018, Angola exported petroleum in the amount of 37,761 million dollars (33,099 million euros), which, according to Ministry of Finance reports, totalled 3,330 billion kwanzas (about 9.5 billion currency at the current exchange rate).
In the OGE of 2018, the Angolan Government signed the forecast to collect, in oil taxes – including the rights of state concessionaire Sonangol – 4,139 billion kwanzas (about 11,600 million euros, at the current exchange rate).
These results are influenced, according to the reports of the Ministry of Finance, by the fall in oil production, equivalent to less 85 million barrels per year than expected, and the drop in the price of a barrel of crude oil, which rose from four years in November, $ 79.32, to $ 65.08 in December.
The sharp drop in international oil prices triggered in late 2014 put the barrel of crude sold by Angola at $ 30.
The source of this data numbers on revenue collected from the Petroleum Income Tax (IRP), Petroleum Production Tax (IPP), Petroleum Transaction Tax (ITP) and revenues from the national concessionaire.
The data contained in these reports of the Ministry of Finance are the result of the tax returns submitted to the National Tax Office by the oil companies, including the Angolan national concessionaire, the public company Sonangol.
The Angolan state guaranteed, in 2017, more than 8,600 million euros in fiscal revenues from oil exports, 400 million euros below the budget target.
Between October and November, oil was traded in the international market at more than 80 dollars per barrel, and in the meantime, a downward movement began.