Congo orders mining and oil taxes in US dollars

TBCM24032016

Mining and oil firms in Democratic Republic of Congo must pay taxes and import duties in U.S. 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.

Read more on this in the source site, after the first three sentences. Click.. here.

Source Credits: Amedee Mwarabu Kiboko in Reuters.

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