The Angolan government is reportedly finalizing a draft bill for the implementation of value added tax (VAT). The VAT is to be implemented effective 1 January 2019 for large taxpayers with annual turnover exceeding AOA 50 million with a two-year transition period during which VAT will be optional for smaller taxpayers. The initial VAT rate is expected to be 14%. Currently, Angola levies a consumption tax at a general rate of 10% for goods and 5% for services.