Democratic Republic of the Congo Budget Agency Posts 2021 Finance Act

The Congolese Ministry of Budget Feb. 23 posted online Law No. 20/20, the 2021 Finance Act. The law includes measures: 1) allowing loss deductions to be taken by credit and microfinance institutions for bad debts, subject to conditions; 2) introducing income tax deductions for donations to support companies due to the coronavirus pandemic; 3) abolishing the VAT exemption for goods imported by mining companies; 4) amending tax return filing procedures to prevent tax evasion; 5) amending excise tax rates; and 6) strengthening penalties for noncompliance. The law entered into force Jan. 1. [Democratic Republic of the Congo, Minister of Budget, ...