#4 NEWSLETTER

Recent Legislation

 

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

 

Executive Decree 436/16: Approves the instructions to the closure of Financial Year 2016
Tax Calendar DECEMBER
Tax Deadline Description Return

CIT - Withholding Tax (II) 30/12/2016   Assessment and payment of the tax withheld on services paid in the previous month   (i)

Real Estate Income Tax
(IPU)
30/12/2016   Assessment and payment of the tax withheld on rents paid in the previous month   (i)

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)

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)

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)

Employment income Tax
(IRT)
30/12/2016   Payment of the IRT withheld on the remuneration and fees paid to, respectively, employees and self-employees last month.   (i)

Social Security (SS) 10/02/2017   Payment of the SS assessed (8%) and withheld (3%) to the employees last month.   (ii)

(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

Foreign Exchange Rates

Currency Buy Sell

ZAR 12.174 12.286

EUR 184.472 186.279

USD 165,074 166,725

Barrel Oil Price

Brent    

$53.00     -0.93  1.75%

2016.12.07 end-of-day

Source: Ministry of Finance

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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