Petroleum Africa
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Tuesday, September 15, 2015
Joseph Kabila, the president of the Democratic Republic of Congo (DRC), has approved the country’s new petroleum code. The new laws were passed by the DRC’s parliament in June.
Kabila signed off on the code last month, Reuters reported, citing a copy of the signed code it has seen. The approved code has no major changes to the bill passed in the summer, it said.
Under the new code capital gains tax has been pegged at between 35% and 45%. The new code also calls for operators to cede a 20% stake in all blocks to the state.
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