Economist emphasizes that measures to increase taxation are a sign of some austerity path in the country, as, with each tax increase, the cost of living becomes more difficult
The increase in the withdrawal rate at the Automatic Payment Terminal (TPA) from 1% to 2.5% in each operation could “have a negative impact on citizens’ lives”, argues economist Janisio Salomão. The interlocutor of the newspaper OPAÍS emphasizes that the aforementioned measure will make the buyer have to pay more taxes for withdrawing the monetary amount in every 100 thousand kwanzas, which will become painful, at a time when the cost of living rises daily.
“We are in a situation where resources are increasingly reduced to meet the cost of living in the current context. Still, the State has found ways to charge more taxes from citizens,” she said. For the economist, the measures to increase taxation are a sign of some austerity path in the country, as each tax increases the cost of living becomes more difficult.
“It is a reflection of the less good financial situation that the country is going through”, he considered. Regarding traders who own TPAs, he said that the resources do not belong to them, classifying them as “receivers who collect the tax and send it to the State through the General Tax Administration (AGT)”. Asked whether the measure will stop withdrawals above 100 thousand kwanzas, the expert said that it depends on each person’s needs.
On the other hand, he explains that there is a very informal economy, and it is necessary to find other mechanisms so that there is greater inclusion within the tax mass and not look at the same entities that have to pay the taxes. “There is a great demand for physical money that does not always return to the formal system. There is a lot of money circulating in the informal economy, which is one of the negative points that the country has, which ends up creating other constraints and the government is forced to print new banknotes”, he explained.
Merchants prohibited from charging additional fees According to the National Bank of Angola (BNA), customers who wish to withdraw money through the Automatic Payment Terminal (TPA), with a minimum limit of 100 kwanzas, will pay a service fee of 2. 5% on each operation, a percentage that will be automatically transferred to the merchant’s bank account. Instruction 02/2024, of March 1, from the National Bank of Angola (BNA), indicates that the increase in this rate, from 1% to 2.5%, which does not cover purchase operations, aims to improve the service of dispensing cash, through the TPA cash withdrawal service and adjust the rules and procedures inherent to the provision of this service.
The service fee is charged automatically by the system when processing the withdrawal, with the value of the operation being the total amount to be withdrawn plus the fee amount. As an example, when withdrawing every thousand kwanzas in TPA, the customer must be deducted the desired amount (Kz 1000) plus 2.5% of the service commission (Kz 25), totaling 1,025 kwanzas. The BNA emphasizes, however, that traders are prohibited from charging any other commissions to customers for cash withdrawal operations at TPA, with non-compliance with the provisions of the aforementioned instruction being subject to sanctions.