afrol News, 28 August - Between January and June this year, the Angolan National Customs has generated US $907 million, exceeding the US $638 million generated in the same period last year.

Angola’s customs department officials is expecting to record at least US $1 billion by the end of 2007.

According to ‘ANIP’, “customs revenue has been rising yearly mainly because of the reforms underway in the sector and the expansion of the country’s taxing basis. In 2000, when the process of modernization began, customs revenue did not exceed USD 215 million.”

Since 2001, Angolan customs revenue has been recording a substantial growth, increasing from US $ 352 million in 2001 to US $1.5 billion in 2006.

The capital Luanda has been contributing 85% of the yearly revenues, followed by northern Cabinda province, with a 4% contribution. Luanda’s high revenue has been attributed to having the Angola’s only international airport and a port that is occupied by cargo ships.

Angola’s Public Commercial Registry certified more than 100 companies per month between January and June 2007. The total number of certified companies within the period stands at 716. The country’s authorities said this year’s figure is expected to surpass that of the 2006 [1,281] if the trend continues.

Private companies must declare an initial capital stock equivalent to US $100,000, while corporations US $20,000 before they are certified. There is no standard required for individual companies.

By staff writer

© afrol News

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