[{"bbox": [96, 152, 1133, 233], "category": "Text", "text": "are: i) Positioning of the State in the corporate public sector (as a shareholder, supervisor and regulator), ii) improving the management of public companies, iii) monitoring of fiscal risks and iv) increasing transparency, through the companies' financial report."}, {"bbox": [96, 243, 1133, 325], "category": "Text", "text": "The stock of public debt has improved as a result of a prudent fiscal policy, following the implementation of the IMF's EFF since 2018. In end-2021, it reached 86% of GDP, down from 136% in 2020. A progressive improvement is projected in the coming years⁵³."}, {"bbox": [96, 336, 1133, 470], "category": "Text", "text": "There has been progress at both institutional and legislative levels. The management of debt arrears was transferred to the *Unidade de Gestão da Dívida* (UGD), which now concentrates both the responsibility for the resolution of arrears and the debt management. The new Presidential Decree 235/21 clarifies the processing of documentation needed to demonstrate a public debt while establishing guidance aimed at improving transparency in the payments made by the state. It makes public managers responsible for the management of domestic debt."}, {"bbox": [96, 480, 1133, 589], "category": "Text", "text": "The debt management tools, including the Medium-Term Debt Strategy, are appropriate and are supportive of the government in the management of the public debt and the conduction of the fiscal policy. A regular debt strategy assessment is conducted by the IMF in the context of the EFF monitoring, which supports the government to frame its public debt policy."}, {"bbox": [96, 599, 1133, 814], "category": "Text", "text": "Public investment management represented around 20% of total expenditure on average in the last three years and it is a key instrument in the implementation of development policies. Being a discretionary component of public expenditure, it requires a rules-based decision-making on the selection and prioritisation of projects, which still needs to be established. In line with PIMA 2019 recommendations, the government undertakes to improve project evaluation and preparation, Recent progress include the elaboration of technical and financial analysis of the larger projects, but there is no published evidence of that on the MINFIN's website. Despite the existence of an approved regulatory framework, the management of public assets is hampered by the absence of an integrated public investment information system with the budget information system (SIGFE)."}, {"bbox": [96, 824, 1133, 959], "category": "Text", "text": "The mobilisation of domestic resources is one of the government's priorities. The TADAT 2018 assessment had identified some insufficiencies in the tax system, including the lack of taxpayer registration and access to the tax administration, the absence of risk management, and poor inspection. To respond to those weaknesses, the tax reform has focused on developing a comprehensive information system, developing risk analysis, increasing the efficiency of inspection actions, and improving the overall tax administration."}, {"bbox": [96, 969, 1133, 1051], "category": "Text", "text": "The main objectives of the current fiscal policy⁵⁴, in the field of tax administration, are to continue the work on electronic submission of tax statements, making it mandatory for medium and large companies, improve compliance risk management, starting with VAT, and improve audit and inspection."}, {"bbox": [96, 1061, 1133, 1196], "category": "Text", "text": "In this context, some measures were taken such as the approval and institutionalisation of process control tools in voluntary and coercive collection and the development of the integrated tax management system SIGT. This initiative will permit the integration of the different tax compliance initiatives under the same platform and will allow easier access for taxpayers. To address the risk of non-compliance, the tax administration will adopt risk-based management to improve the selection of defaulting contributors."}, {"bbox": [96, 1206, 1133, 1315], "category": "Text", "text": "Measures that are being put in place by the government to address the structural weaknesses identified by the recent PFM diagnostic studies are relevant as regards the improvement of the overall PFM system, even if there is not a reform Action Plan. Those measures cover most of the key PFM functions, both from the revenue collection side and from the spending side."}, {"bbox": [96, 1325, 1133, 1406], "category": "Text", "text": "The most relevant measures focus on the improvement of the budgeting system, on a more effective mobilisation of domestic resources, on the improvement of the public procurement, the management of public companies and the associated fiscal risk, and the internal controls and assets management systems."}, {"bbox": [96, 1416, 1133, 1499], "category": "Text", "text": "The elaboration of a credible budget crucially depends on the MINFIN's capacity to produce medium-term macro-fiscal scenarios, reflecting the main economic growth drivers, and the external context on which Angola very much depends."}, {"bbox": [86, 1579, 238, 1602], "category": "Footnote", "text": "⁵³ Cfr. section 2.3.2."}, {"bbox": [86, 1602, 1143, 1646], "category": "Footnote", "text": "⁵⁴ The policy intentions related to the reform of the tax system can be found mainly on the Memorandum of Economic and Financial Policies (MEFP) prepared by the government in the context of the Extended Fund Facility with the IMF."}, {"bbox": [1027, 1680, 1143, 1705], "category": "Page-footer", "text": "Page 16 of 33"}]