Congo Orders Mining and Oil Companies to Pay Taxes in United States Dollar
Mining and oil firms in Democratic Republic of Congo
Kinshasa - Arab Today
Mining and oil firms in Democratic Republic of Congo must pay taxes and import duties in US dollars from Saturday rather than in the national currency, the Central Bank of the Congo said.
The decision is part of an attempt by authorities to increase reserves of foreign currency, weakened by a slump in global mining and oil prices that has hit government revenue.
It reverses a policy established in 2014 to require companies to pay taxes in francs as part of a drive to wean the central African country off dollars.
Congo is Africa's top producer of copper, and mining is key to an economic boom that has seen growth rates of 8% for five years, among the highest in the world.
Source : QNA
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