Taxation in Congo, DR

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The Democratic Republic of Congo is preparing to more than double a tax on two-thirds of global cobalt supply, potentially increasing the cost of the critical battery metal just as the world begins to embrace electric vehicles.

The International Monetary Fund has urged leaders in the Democratic Republic of Congo to reform their tax system as part of efforts to pay for costly upcoming elections.

Any increase by the Democratic Republic of Congo in the taxes it levies on mining will stifle new investment in the mineral-rich African country, gold miner Randgold Resources Ltd’s chief executive said.

Democratic Republic of Congo is prepared to compromise on proposals to increase the state’s share in new mining projects and to triple copper royalties, the vice-president of a commission studying a new mining code said on Monday.

The Democratic Republic of Congo’s parliament is debating an oil code that may impose a 40 percent capital gains tax, allow drilling in national parks, and force current title holders to renegotiate their deals.

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