Democratic Republic of the Congo Budget Agency Posts 2023 Finance Law

The Congolese Ministry of Budget Feb. 15 posted online Law No. 22/071, the 2023 Finance Law. The law includes measures: 1) applying the reduced 8 percent VAT rate to specified food items, while maintaining the 16 percent standard rate for other goods and services; 2) outlining rules on VAT deductions and invoicing requirements; 3) setting excise tax rates on specified goods and services; 4) establishing depreciable asset deduction rules; 5) establishing tax declaration rules for small businesses; and 6) imposing fines for noncompliance and fraud. The law entered into force Jan. 1. [Democratic Republic of the Congo, Minister of Budget, ...