March 23, 2018 / 2:23 PM / a month ago

Congo mines minister rejects industry proposal to retain exemptions

KINSHASA, March 23 (Reuters) - Democratic Republic of Congo’s mines minister rejected a proposal by mining companies on Friday to retain exemptions and scrap some taxes in exchange for higher royalties than those in a new mining code, calling the taxes “untouchable”.

Mines Minister Martin Kabwelulu was reacting to a proposal from mining companies under which the companies would accept higher royalty payments if the government agreed to respect 10-year exemptions for existing projects from changes to the fiscal and customs regimes and cancel certain taxes.

Reporting By Amedee Mwarabu; Writing by Aaron Ross; Editing by Edward McAllister

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