Angola should raise taxes and eliminate fuel subsidies to help offset plummeting revenue as oil prices plunge, the International Monetary Fund said. “First, get taxes up,” Nicholas Staines, the IMF’s resident representative in Angola, said in a presentation in Luanda, the capital, on Thursday. “I absolutely love taxes. It’s how a state runs. Without taxes, no state.” Oil prices have slumped by more than half since June, cutting revenue in Angola, where crude accounts for almost all of exports and more than two thirds of government income. Authorities have slashed the oil price estimate in the 2015 budget to $40 a barrel from $81 a barrel and are due to publish a revised spending plan next month. Budget revenue will probably drop by $17 billion and oil exports fall by $27 billion based on a $45 a barrel oil price and 2014 average production of 1.66 million […]