ANGOLA
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About Angola
Page Last Updated: 28/05/2024
Population: 37.8 M
Gross Domestic Product (GDP): $92.12 B
GDP Growth (April 2021): 2.6%
Inflation (April 2021): 22%
Foreign Direct Investment (% of GDP): -6.2%
Unemployment Rate: 14.48%
Capital: Luanda
Currency: Angolan Kwanza (AOA)
Languages: Portuguese, French, English, Bantu
Angola Payroll at a Glance
Currency
Angolan Kwanza (AOA)
Income Tax
0% – 25%
Employer Taxes
8%
Employee Contribution
3%
Fiscal Year
1 January – 31 December
Date Format
dd/mm/yyyy
- Angola is the seventh-largest country in Africa and the 23rd largest in the world by land area.
- The capital city, Luanda, is not only the largest city in Angola but also one of the most populous cities in Africa.
- A vast portion of Angola’s territory is comprised of the Kalahari Desert, with only about 10% of the land suitable for agriculture or habitation.
- Angola’s economy heavily relies on its oil industry, with petroleum exports accounting for a substantial portion of its revenue. It’s among the top oil producers in Africa and has significant offshore reserves.
- One of Angola’s signature dishes is funge, a type of porridge made from cassava flour and often served with fish, meat, or vegetables.
- Angola gained independence from Portugal in 1975 after a protracted struggle for liberation, marking a significant milestone in its history and shaping its post-colonial trajectory.
- New Year’s Day
- Liberation Day
- Carnival
- International Women’s Day
- Good Friday
- Easter Sunday
- Peace Day
- Labour Day
- National Heroes’ Day
- All Souls’ Day
- Independence Day
- Christmas Day
Employment in Angola
The Angola economy is one of the largest economies in Lusophone Africa. The country is oil and gas-led with significant opportunities for skilled talent in this sector. Over the last decade, the building of roads and materials factories contributed to a boost of the construction sector in the country. Angola has a developing education and healthcare sector, and prospective employees usually examine the medical and security packages being offered.
Employees in Angola are entitled to vacation, sick, and parental leave. From a termination perspective, they are generally entitled to a notice period of 1-2 months. Taxation rates vary – both employers and employees have to contribute to a social security fund: 3% and 8% of their salaries respectively. Income tax rates are progressive, ranging from 0% to 25%, with an added fixed progressive fee. Corporate tax is 25%.
When recruiting locals or hiring expats in Angola, establishing an employee benefits system can be challenging due to existing legislation, complex procedures, and customary practices. By partnering with a specialist firm such as Africa HR Solutions, a relevant and competitive employee benefits scheme can be designed, always taking into consideration the country’s regulations and best practices in the market.
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