Aviso 02/2021 (March 24) – Foreign Exchange Policy for Payment of Port Goods and Services Supplied to Non-Residents

PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 51, OF MARCH 24 NOTICE NO. 02/2021 SUBJECT: FOREIGN EXCHANGE POLICY

• Payment of Port Goods and Services Supplied in the Country to Non-Residents Whereas it is necessary to ensure payment in foreign currency for export operations concerning the supply of goods or provision of services to vessels flying foreign flags that call at national ports, in accordance with the prevailing foreign exchange legislation of the Country; In exercise of the competence attributed to me under the combined provisions of Article 3 of Law No. 05/97, dated June 27, Foreign Exchange Law, and Articles 40 and 51 of Law No. 16/10 dated July 15, Law of the National Bank of Angola; I HEREBY DETERMINE:

Article 1. (Object) This Notice establishes the terms and conditions for the settlement of goods and services supplied by foreign exchange resident entities to maritime operators, who are non-residents.

Article 2. (Scope) This Notice applies to the following entities: a) Maritime operators, who are non-residents; b) Shipping agents, who are residents; c) Port service providers, who are residents; d) Banking Financial Institutions domiciled in the Country, hereinafter referred to as Commercial Banks.

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Article 3. (Definitions) For the purposes of this Notice, the following terms are understood as: a) Shipping Agents: As defined in No. 9 of Article 3 of Law No. 27/12 dated August 28, Merchant Marine, Ports and Related Activities Law. b) Vessel Call Expenses: Costs resulting from the acquisition of port goods and services by maritime operators from national companies supplying these goods and services, including, but not limited to, the following: i. Rental of equipment and facilities; ii. Rental of port infrastructure; iii. Navigation management services; iv. Use of berthing stations; v. Towing and vessel assistance; vi. Stevedoring services; vii. Vessel repair; viii. Crew assistance services; ix. Mooring services; x. Waste and refuse removal services; xi. Weighing services; xii. Supply of fuel, lubricants, water and food; xiii. Other related services. c) Port Service Providers: Entities managing port infrastructure, including maritime and land access, and other suppliers of port goods or services authorized to operate in the port and supply directly to foreign-flagged ships. d) Non-Resident: As defined in No. 2 of Article 4 of Law No. 5/97 dated June 27, Foreign Exchange Law, including: i. Legal entities with headquarters abroad;

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ii. Branches, subsidiaries, agencies or any other forms of representation in foreign territory of legal entities with headquarters in the country. e) Foreign Exchange Operations: As defined in Article 5 of Law No. 5/97 dated June 27, Foreign Exchange Law, as being: i. The acquisition or disposal of foreign currency; ii. The opening and operation in the Country, of accounts in foreign currency by residents or non-residents; iii. The opening and operation in the Country, of accounts in national currency by non-residents; iv. The settlement of any transactions for current invisible goods or capital. f) Maritime Operators: Shipowners or maritime transporters, who are non-residents, that operate ships with foreign flags and are responsible for the payment of all costs and expenses related to their activity. g) Foreign Exchange Resident: As defined in No. 1 of Article 4 of Law No. 5/97 dated June 27, Foreign Exchange Law, namely: i. Legal entities with headquarters in the Country; ii. Branches, subsidiaries, agencies or any other forms of representation in the Country of legal entities with headquarters abroad.

Article 4. (Invoicing and Settlement of Call Expenses)

1. The payment of call expenses to port service providers must be made exclusively in foreign currency, regardless of whether it is carried out by the maritime operator or its shipping agent.
2. For the purposes of the preceding paragraph, port service providers must issue invoices to maritime operators for call expenses exclusively in foreign currency.
3. Maritime operators must settle amounts due to port service providers through: a) Foreign currency bank transfer to a bank account domiciled in the Country and held by: i. Port service provider; or ii. Its shipping agent, for subsequent crediting to the port service provider, or b) Transfer from a foreign exchange non-resident account held by the maritime operator, denominated in foreign currency and domiciled at a bank headquartered in the Country.

Article 5. (Bank Account Operations by Shipping Agents and Port Service Providers)

1. Shipping agents must maintain foreign currency accounts at Commercial Banks domiciled in the country, to receive transfers from the maritime operators they represent and to pay for these entities' expenses due to port service providers, in foreign currency.
2. All services contracted or goods acquired by shipping agents from foreign exchange resident entities, with the exception of port service providers, must be paid in national currency.
3. Port service providers must maintain foreign currency accounts at Commercial Banks domiciled in the Country, to receive transfers from maritime operators or shipping agents.
4. Shipping agents and port service providers may use foreign currency balances in their accounts domiciled in the Country, in accordance with the prevailing foreign exchange regulation for commodity operations, current invisible transactions and capital.

Article 6. (Bank Accounts Abroad) The opening of bank accounts abroad by shipping agents and port service providers is not permitted without prior authorization from the National Bank of Angola.

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Article 7. (Reconciliation) Shipping agents and port service providers must ensure adequate reconciliation between invoicing and foreign currency revenue deposited in their bank accounts domiciled in the Country, and maintain adequate evidence of this reconciliation for inspection purposes by the National Bank of Angola.

Article 8. (Sanctions) Non-compliance with the provisions of this Notice constitutes an offense provided for and punishable under Law No. 5/97 dated June 27, Foreign Exchange Law, and Law No. 12/15, dated June 17, Basic Law of Financial Institutions.

Article 9. (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 10. (Entry into Force) This Notice enters into force 30 (thirty) days counted from the date of its publication. Luanda, March 16, 2021. PUBLISH. THE GOVERNOR JOSÉ DE LIMA MASSANO