By Alex Baykitch AM, Robert Edel and Edwina Kwan.
On 24 January 2018, the senate of the Democratic Republic of Congo (DRC) unanimously passed a bill which, once enacted, will increase taxes on natural resources in the DRC and revoke contract guarantees for existing mining projects across the country.
The bill is likely to have a significant impact on international investors in the mining industry who will be immediately subject to higher royalties and a tax on “super-profits”. Although the bill will not take effect until President Joseph Kabila signs it into law, this is expected to happen imminently unless miners and lobbyists are successful in convincing the President to suspend the adoption of the bill.
Continue Reading Democratic Republic of Congo set to increase taxes on natural resources and revoke guarantees for mining companies