Angolan tax authorities collect over 41,512 million Kz from the sale of diamonds.
According to calculations made based on tax data from the AGT special taxation department, the 41,512 million Kz collected in the first four months of 2024 resulted from the sale of 4.4 million carats of diamonds, a value that represents an increase of 23.2% of total sales in the same period last year. In other words, between January and April last year, only 3.5 million carats were sold.
Tax revenues from the sale of diamonds, in the first four months of 2024, increased by 84% to 41,512 million Kz, compared to the same period in 2023, indicate data on the special taxation map from the General Tax Administration (AGT).
Between January and April, State revenues from the Industrial Tax and royalties in the diamond subsector, that is, the payments of mining rights and the Industrial Tax, amounted to 41,512 million Kz, and in the same period of 2023 they entered to the State coffers only 22.555 million Kz.
According to calculations made based on tax data from the AGT special taxation department, the 41,512 million Kz collected in the first four months of 2024 resulted from the sale of 4.4 million carats of diamonds, a value that represents an increase of 23.2% of total sales in the same period last year. In other words, between January and April last year, only 3.5 million carats were sold.
Specialists in the mining sector believe that indicators for the first four months of 2024 point to a year that will mark a turning point for the country's diamond industry, as gross export values showed a positive variation of 9.0%, during the period in which analysis, compared to the same period of 2023.
AGT indicates that, in the first four months of 2024, exports of diamonds produced in Angola generated gross revenue of 650.4 million USD, compared to 596.8 million last year. If this trend continues, both in production and in marketing, according to Expansão sources, Angola will surpass the target of 2 billion USD in gross revenue projected for this year and surpass the threshold of 14.6 million carats.
In global terms, gross tax revenue from diamond exports in 2024 already represents 43.7% of the total collected in 2023, when the tax authorities accounted for around 75 billion USD. With prices fluctuating in the foreign market due to the latest geopolitical events, Angolan operators are more optimistic about the increase in diamond production.
During the period in question, 4.4 million carats were exported, representing around 49.0% of the total diamonds sold last year, when the country exported almost 9 million carats. The month of January was the most productive. 2.2 million carats were sold at a price of 137.2 USD per carat, generating gross revenue of 297.6 million USD. The State received close to 18.5 billion Kz in the first month of 2024 alone.
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Angolan tax authorities collect over 41,512 million Kz from the sale of diamonds
According to calculations made based on tax data from the AGT special taxation department, the 41,512 million Kz collected in the first four months of 2024 resulted from the sale of 4.4 million carats of diamonds, a value that represents an increase of 23.2% of total sales in the same period last year. In other words, between January and April last year, only 3.5 million carats were sold.
Tax revenues from the sale of diamonds, in the first four months of 2024, increased by 84% to 41,512 million Kz, compared to the same period in 2023, indicate data on the special taxation map from the General Tax Administration (AGT).
Between January and April, State revenues from the Industrial Tax and royalties in the diamond subsector, that is, the payments of mining rights and the Industrial Tax, amounted to 41,512 million Kz, and in the same period of 2023 they entered to the State coffers only 22.555 million Kz.
According to calculations made based on tax data from the AGT special taxation department, the 41,512 million Kz collected in the first four months of 2024 resulted from the sale of 4.4 million carats of diamonds, a value that represents an increase of 23.2% of total sales in the same period last year. In other words, between January and April last year, only 3.5 million carats were sold.
Specialists in the mining sector believe that indicators for the first four months of 2024 point to a year that will mark a turning point for the country's diamond industry, as gross export values showed a positive variation of 9.0%, during the period in which analysis, compared to the same period of 2023.
AGT indicates that, in the first four months of 2024, exports of diamonds produced in Angola generated gross revenue of 650.4 million USD, compared to 596.8 million last year. If this trend continues, both in production and in marketing, according to Expansão sources, Angola will surpass the target of 2 billion USD in gross revenue projected for this year and surpass the threshold of 14.6 million carats.
In global terms, gross tax revenue from diamond exports in 2024 already represents 43.7% of the total collected in 2023, when the tax authorities accounted for around 75 billion USD. With prices fluctuating in the foreign market due to the latest geopolitical events, Angolan operators are more optimistic about the increase in diamond production.
During the period in question, 4.4 million carats were exported, representing around 49.0% of the total diamonds sold last year, when the country exported almost 9 million carats. The month of January was the most productive. 2.2 million carats were sold at a price of 137.2 USD per carat, generating gross revenue of 297.6 million USD. The State received close to 18.5 billion Kz in the first month of 2024 alone.
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