Promised re­funds

Weekend Argus (Saturday Edition) - - LIFE -

KIN­SHASA: DRC will pay about $700 mil­lion (R10.2 bil­lion) in value-added tax re­im­burse­ments owed to min­ing com­pa­nies and sus­pend VAT on their im­ports.

The coun­try’s econ­omy de­pends on the min­ing sec­tor, which in­cludes in­vestors like Glen­core, Ivan­hoe Mines and Rand­gold Re­sources.

The pace of re­im­burse­ment will de­pend on the lev­els of gov­ern­ment re­serves and ex­change rate pres­sures. The gov­ern­ment had agreed on Thursday to sus­pend fu­ture VAT for the com­pa­nies and the mea­sure awaits the prime min­is­ter’s sig­na­ture.

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