A quarter of the new tax revenue on fuel in Angola will be channeled into the Road Fund, intended for the implementation of the National Programme for Conservation and Maintenance of Roads, according to a presidential decree.

The decree, approving the statute for the fund, stipulates that 25% of the revenue of the new five percent tax on fuel prices, which has yet to be set, will be consigned to financing the Road Fund.

Half the proceeds from the payment of Road Tax, 25% of consumption tax on lubricants, tolls and vehicle import taxes will also serve to finance the budget of the fund, according to the decree cited by Portuguese news agency Lusa.

The reconstruction of hundreds of kilometres of roads destroyed by civil war over nearly 30 years of conflict is one of the priorities set by the Angolan government for national reconstruction projects underway since 2002.

The main aim of the fund, the decree said, “is to increase revenues and security” and “proper application of resources for perfect execution” of the National Programme for Conservation and Maintenance of Roads.

In addition to handing over some of the Road Tax, the fund will also receive direct transfers from the state budget and public companies.

Source: Macauhub