sector legislation effective date/status key points and impact
Privacy / Data Protection Personal Data Protection Law, Law No. 22/11 of 17 June 2011 The Law was approved in 2011. Updates on this Law provide that:
  • with the recent start of operations of the Data Protection Agency ("DPA"), data processing notifications can be freely submitted by companies;
  • all companies are now obliged to comply with the legal provisions of the Data Protection Law and deliver the relevant notifications or applications for authorisation for data processing in Angola to the DPA in person through an informal application drawn up by the applicant himself, as there is not yet a specific form for this purpose;
  • any such notifications or applications shall contain all the necessary information on the processing of data that is intended to be collected, and be accompanied by the documentation required for this purpose;
  • failure to notify the DPA may carry a fine ranging from USD75,000 to USD130,000; and
  • penalties will be imposed by the DPA itself, and the respective proceeding may be triggered by complaints or by means of a DPA inspection.
Finance Notice No. 11/2019 of 26 November 2019 Published on 26 November 2019. The Notice:
  • establishes maximum limits to charges and costs of transactions in foreign currency that are applied in some operations, and defines the currency of those charges;
  • prohibits the levying of any charges or costs in foreign currency operations that are not foreseen in this Notice;
  • provides that only charges and costs that are referred in this Notice in foreign currency can be calculated based on such currency; other charges or costs must be demonstrated in price lists and levied in Kwanzas, and cannot be indexed to any foreign currency;
  • allows a maximum charge of 3% per transaction for purchases or payments with a credit card;
  • provides that a maximum charge of EUR2 per transaction applies to the sale of notes in foreign currency; and
  • provides that the sale of foreign currency will have a maximum charge of 0,25% per transaction.
Finance Notice No. 12/19 of 2 December 2019 Effective from 3 January 2020. The Notice:
  • establishes rules and proceedings that must be observed in any foreign exchange operations by natural persons, including operations performed by foreign exchange residents and non-foreign exchange residents under a work visa;
  • provides that:
    • private operations performed in one civil year by foreign exchange residents cannot exceed the amount of USD120,000, when ordered by the same person, regardless of the payment instrument used;
    • the abovementioned limit does not apply to:
      • payments regarding health, education and accommodation expenses, when paid directly to the provider of those services; and
      • transfer of amounts accumulated by non-foreign exchange residents, during their stay in Angola, after their stay has ceased; and
  • repeals Notice No. 10/19 of 6 November, Instruction No. 1/03 of 7 February, Instruction No. 6/18 of 19 June, Directive No. 15/DSP/11 and all other regulatory provisions that are contrary to the provisions of this Notice.
Finance Notice No. 13/2019 of 2 December 2019 Effective from 2 January 2020. The Notice:
  • establishes the proceedings that must be observed in operations for sale of foreign currency in relation to the oil and gas sector, performed by the National Concessionaire and Angolan/foreign investor companies, regardless of their status, for the settlement of goods and services supplied by foreign exchange residents;
  • requires:
    • companies to sell foreign currency for the settlement of goods and services provided by foreign exchange residents, to commercial banks; and
    • the exchange rate to be applied in operations for sale of foreign currency, to be freely agreed by the parties.
Finance Notice No. 14/2019 of 2 December 2019 Effective from 2 January 2020. The Notice:
  • establishes the limits of Commercial Banks' foreign exchange global position and its basis of calculation;
  • requires banks to daily observe a foreign exchange global position that does not exceed 2,5% of their own regulatory funds;
  • requires the foreign exchange position to be defined in USD; and
  • determines that banks that register a foreign exchange position that does not comply with the limits established in this Notice will be unable to sell foreign currency to their clients until their foreign exchange global position complies with those limits.

To view the full article please click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.