July, 2013 - PLMJ
Frequently asked questions on new foreign exchange rules: What currency should be used to pay the salaries of employees in Angola?
The salaries of employees who are foreign exchange residents in Angola, irrespective of the sector of activity, must be paid in Kwanzas, the national currency.
When Will i start to receive my salary in Kwanzas?
As of 1 July 2013, in accordance with the implementation calendar of Law 2/12 of 13 January, defined by Order no. 20/12 of 15 April (article 3 paragraph 3).
In the case of salaries that are indexed to a foreign currency, What exchange rate must be used by companies for the conversion of salaries?
Salaries must be paid in national currency. In case of contracts negotiated with indexation clauses, the parties are free to set the exchange rate using as base reference the exchange rate published daily by the National Bank of Angola.
National Bank of Angola.
In case of participation in development programmes abroad, the amounts paid by the employer are received abroad in the currency of the host country unless otherwise imposed by the monetary authorities of these countries.
During this period, should any compensation be paid in Angola, same shall be paid in national currency.
Footnotes: The official document is available at the following link: http://www.bna.ao/uploads/%7B53518d88-df54-4b82-bb40-bae0d78cc6f4%7D.pdf |
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