Republic of the Congo Announces Cabinet Approval of Upstream Oil VAT Decree

The Congolese Government Oct 12 announced Cabinet approval of a draft decree on VAT for the upstream oil sector. The announcement includes measures that would: 1) apply VAT to all sales, services, and purchases of goods and services carried out domestically by oil companies and their subcontractors; 2) apply a zero rate on sales and services conducted abroad by oil companies and their subcontractors; 3) subject all purchases of goods and services made in the U.S. to VAT; 4) exempt certain imports by oil companies, excluding crude and refined hydrocarbons; and 5) create a dedicated tax service for VAT credit ...