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IMF Urges Congo To Remove VAT Reduced Rates

by Lorys Charalambous, Tax-News.com, Cyprus

24 July 2015


The Republic of Congo should look to gradually increase non-oil revenues, due to the limited remaining lifetime of oil reserves and continued low prices, the International Monetary Fund has said.

The IMF said there is scope to boost non-oil revenues by limiting the use of reduced value-added tax (VAT) rates and tax exemptions whilst reinforcing tax and customs administration.

The Republic of Congo has been hit hard by the oil price shock. The fiscal deficit amounted to 8.5 percent of gross domestic product (GDP) in 2014, which was nearly double the level reported in 2013.

TAGS: tax | value added tax (VAT) | fiscal policy | revenue guidance | Congo, Republic of the | oil and gas | tax reform

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