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Angola mulls tax break to revive diamond industry

publish:2020-11-19

Angola is considering a tax break in the fiscal year 2021 to revive the country’s diamond industry, according to media reports. The move was intended to encourage diamond companies to produce and sell more diamonds, said Pedro Marquis, director general of the Directorate General of Taxation of Angola. Angola expects to receive about $63.1 million U.S. dollars in revenue from the diamond industry by 2021, he said.

Angola, which produced 5.3m carats of diamonds between January and August this year, is expected to receive $41.9m in tax from the diamond industry in the first nine months. Angola expects to produce 10.5m carats of diamonds this year, generating revenues of $1.4bn. However, because of the COVID-19 pandemic, Angola will probably not be able to meet its goals. Angola sold 9.44 million carats of diamonds in 2019, earning an estimated $1.3 billion.

Source: Rough & polished

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