Economic, Financial and Fiscal Organisation

The organisation and regulation of economic activities shall be based on a general guarantee of overall economic rights and freedoms in general, and an appreciation of work, human dignity and social justice, in accordance with the following fundamental principles: (a) The role of the state as the regulator of the economy and coordinator of balanced national economic development, under the terms of the Constitution and the law; b. 1. Freedom to engage in economic and business initiatives, exercised under the terms of the law; (c) A market economy based on the principles and values of healthy competition, morality and ethics, as prescribed and ensured by law; (d) Respect and protection for private property and initiatives; (e) The social function of property; (f) Reduction of regional imbalances and social inequalities; (g) Social dialogue; (h) Consumer and environmental protection.

The forms and the system for state intervention shall be regulated by law.

The state shall promote social development by: (a) Adopting criteria for the redistribution of wealth which prioritises citizens and, in particular, the more vulnerable and needy sectors of society; (b) Promoting social justice, as a duty of the state, through a fiscal policy which ensures justice, equity and solidarity in all areas of national life; (c) Encouraging, supporting and regulating private sector interventions associated with achieving social rights; (d) Removing economic, social and cultural obstacles to genuine equal opportunities for citizens; (e) Ensuring that all citizens enjoy the benefits resulting from collective efforts in terms of development, specifically with regard to quantitative and qualitative improvements to standards of living.

The state shall coordinate, regulate and foster national development on the basis of a planning system, under the terms of the Constitution and the law and without prejudice to the provision contained in Article 14 of this Constitution.

The objective of planning shall be to promote the sustainable and harmonious development of the country, ensuring a fair distribution of national income, preservation of the environment and quality of life for all citizens.

The law shall define and regulate the national planning system.

The state shall guarantee the coexistence of the public, private and cooperative sectors, ensuring all are treated and protected under the terms of the law.

The state shall recognise and protect the right of rural communities to use and benefit from the means of production, under the terms of the Constitution, the law and customary law.

Central and issuing bank activities shall be the exclusive responsibility of the state .

The law shall define and regulate economic activities which are the exclusive responsibility of the state, in addition to the conditions for accessing the various economic activities.

The property of the state and the various legal persons governed by public law shall belong to the public or the private domain, in accordance with the Constitution and the law.

The following shall constitute property in the public domain: a. 1. Inland waters, territorial waters and the adjacent sea beds, in addition to lakes, lagoons and watercourses, including their beds; (b) Biological and non-biological resources existing in inland and territorial waters, the contiguous zone, the exclusive economic zone and the continental shelf; (c) National airspace; (d) Mineral deposits, mineral and medicinal water sources, natural subterranean cavities and other natural resources existing in the soil and subsoil, with the exception of rocks, ordinary earth and other materials habitually used as raw materials in civil construction; (e) Public highways and streets, ports, airports, bridges and public railway lines; (f) Beaches and coastal areas; (g) Areas of land reserved for the protection of the environment, specifically parks and nature reserves for the preservation of wild flora and fauna, and their infrastructures; (h) Zones reserved for ports and airports and classified as such by law; (i) Zones reserved for military defence; (j) Monuments and properties of national interest, duly classified and included in the public domain, under the terms of the law; (k) Any other property determined by law or recognised by international law.

All property in the public domain shall be non-transferable, imprescriptible and immune from attachment.

The law shall regulate the legal system for property included in the public domain and shall define which belongs to the state and to the legal persons governed by public law, the system and forms of concession and the system for divestiture of the said property .

Property which is not expressly prescribed in the Constitution and the law as belonging to the public domain of the state and the various legal persons governed by public law shall belong to the private domain of the state, shall be subject to the system of private law or a special system, and its administration shall be regulated by law.

All the legal effects of nationalisation and confiscation undertaken under the terms of the appropriate legislation shall be considered valid and irreversible, without compromise to the provisions contained in specific legislation on reprivatisation.

All land originally belongs to the state and forms part of its private domain, with the aim of conceding and protecting the land rights of individuals or corporate bodies and rural communities, under the terms of the Constitution and the law and without compromise to the provision contained in Point 3 of this Article.

The state shall recognise and guarantee the right to private ownership of land, constituted under the terms of the law.

The state shall only grant private ownership of land and its transmission to national citizens, under the terms of the law.

The financial system shall be organised in such a way as to guarantee the accumulation, deposit, capitalisation and security of savings, as well as the mobilisation and application of the financial resources needed for economic and social development, in accordance with the Constitution and the law.

The organisation, functioning and supervision of financial institutions shall be regulated by law.

The National Bank of Angola, as the central issuing bank, shall ensure that the value of national currency is preserved and shall be involved in defining monetary, financial and exchange rate policies.

The law shall prescribe the organisation, functions and attributions of the National Bank of Angola.

The fiscal system shall aim to meet the financial needs of the state and other public entities, ensure that the economic and social policies of the state are realised and undertake the fair distribution of income and national wealth.

Taxes may only be created by law, which shall determine their applicability and rate, tax benefits and guarantees for taxpayers.

Fiscal regulations shall not be retroactive unless applied as sanctions, when they are more favourable to taxpayers.

The creation of taxes to be paid by local authorities and responsibility for their collection shall be defined by law.

The creation, modification or cancellation of special contributions due for public services, the use of the public domain and in any other cases prescribed by law must be stated in the regulatory law for the appropriate legal system.

Social security contributions, payments for work or services provided by public entities or organisations under the terms of private law and any other contributions prescribed in law shall be governed by specific legislation.

The State Budget shall constitute the annual or multi-annual consolidated state financial plan and must reflect the objectives, targets and measures contained in the national planning instruments.

The State Budget shall be a single budget, shall estimate the level of revenue to be obtained and shall set limits for authorised expenditure in each financial year for all services, public institutions, autonomous funds and social security, in addition to those of the local authorities, in order ensure that all estimated expenditure is financed.

The state shall define the rules for drawing up, presenting, approving, executing, overseeing and controlling the State Budget.

The implementation of the State Budget shall observe the principles of transparency and good governance and shall be overseen by the National Assembly and the Court of Auditors, under the terms defined by law.