#4 NEWSLETTER
Recent Legislation
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| Executive Decree 496/16: Approves the changes in the value of the fines, as provided in Decree nº 7/02, of 9 April, relative to the violations of the Insurance Sector, that will now be fixed in local currency | |
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| Executive Decree 436/16: Approves the instructions to the closure of Financial Year 2016 | |
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Tax Calendar DECEMBER
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Tax | |
Deadline | |
Description | |
Return | |
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| CIT - Withholding Tax (II) | |
30/12/2016 | Assessment and payment of the tax withheld on services paid in the previous month | (i) | |
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| Real Estate Income Tax (IPU) |
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30/12/2016 | Assessment and payment of the tax withheld on rents paid in the previous month | (i) | |
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| Stamp Tax (IS) | |
30/12/2016 | Payment of the IS assessed in the last month, being the most relevant one the 1% IS due on invoices/receipts issued in the previous months related to invoices received | (i) | |
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| Investment Income Tax (IAC) | |
30/12/2016 | If any IAC on income liable to the same was assessed/withheld in the previous month, the tax should be paid this month |
(i) | |
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| Consumption Tax (IC) | |
30/12/2016 | Payment of the IC assessed in all the invoices received last month for services rendered and in goods produced and sold last month (IC is assessed on cost of goods produced) |
(i) | |
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| Employment income Tax (IRT) |
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30/12/2016 | Payment of the IRT withheld on the remuneration and fees paid to, respectively, employees and self-employees last month. | (i) | |
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| Social Security (SS) | |
10/02/2017 | Payment of the SS assessed (8%) and withheld (3%) to the employees last month. | (ii) | |
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| (i) Payment Return (DLI) (ii) Remuneration Schedule and Payment Letter Nota: Values in foreign currency are converted to local currency using the average exchange rate of the last quarter |
Other Relevant Information
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| Foreign Exchange Rates |
| Currency | |
Buy | |
Sell | |
| ZAR | |
12.174 | |
12.286 | |
| EUR | |
184.472 | |
186.279 | |
| USD | |
165,074 | |
166,725 | |
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| Barrel Oil Price |
| Brent | |
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$53.00  -0.93 1.75% |
| 2016.12.07 end-of-day |
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| Source: Ministry of Finance |
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| Inflation |
| Month | |
Monthly | |
Accumulated | |
Year-on-Year Change |
| October | |
1,79 | |
36,03 | |
40,04 | |
| September | |
2,14 | |
33,64 | |
39,44 | |
| August | |
3,30 | |
30,85 | |
38,18 | |
| Source: BNA |
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