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Angola: New Urban Lease Law – Law n.º 26/15, published on 23 October

TAX ALERT
NEW URBAN LEASE LAW

Law n.º 26/15, published on 23 October approves the new Urban Lease Law, and enters into force 90 days after its date of publication.This Law revokes the Decree n.º 43.525, of 7 March 1961 (with limitations), articles 1083 to 1120 of the Civil Code, as well as articles 964 to 997 of the Civil Procedure Code.

This new law establishes relevant aspects related to the formalities applicable to lease agreements, respective duration, limitations on advanced payments, denomination of currency and update of lease payments.

According to this Law, the lease will be mandatorily fixed in Kwanzas, and all clauses defining the lease amount in foreign currency shall not be valid.

The prepayment of the lease for more than three months is now expressly forbidden.

This law will apply to all urban lease agreements signed after its entry into force.

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