From Bloomberg

Angola may soon announce that it’s cutting corporate tax to 30 percent from 35 percent to make the country a more attractive destination for investment, two people with knowledge of the legislation said.

The new tax level is a compromise between the government’s desire to raise revenue and requests by the Association of Angolan Industry for a cut to 25 percent, the people, who asked not to be named because the planned reduction hasn’t been made public yet, said.

Angola, which depends on oil production for almost all of its tax revenue, will also increase the withholding tax on public service contracts to 6.5 percent from 5.25 percent in most industries and from 3.5 percent in public construction, the people said. Withholding tax will offset corporate tax, the people said.

Written by Colin McClelland/Read more at Bloomberg.