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Congo Republic Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
5,062,021 (July 2018 est.)GDP (PPP)
$29.39 billion (2017 est.)The Republic of the Congo’s economy is a mixture of subsistence farming, an industrial sector based largely on oil and support services, and government spending.
GDP growth rate
-3.1% (2017 est.)The drop in oil prices that began in 2014 has constrained government spending; lower oil prices forced the government to cut more than $1 billion in planned spending.
GDP (PPP) per capita
$6,800 (2017 est.)The government’s inability to pay civil servant salaries has resulted in multiple rounds of strikes by many groups, including doctors, nurses, and teachers.
Local currency
Cooperation Financiere en Afrique Centrale francs (XAF)The Republic of the Congo is a member of the Central African Economic and Monetary Community (CEMAC) and shares a common currency – the Central African Franc – with five other member states in the region.
Financial stability (Public debt)
130.8% of GDP (2017 est.)The fiscal deficit amounted to 11% of GDP in 2017. Congo reached out to the IMF in 2017 for a new program; the IMF noted that the country’s continued dependence on oil, unsustainable debt, and significant governance weakness are key impediments to the country’s economy. The IMF urged the government to renegotiate debts levels to sustainable levels before it agreed to a new macroeconomic adjustment package.
Inflation
0.5% (2017 est.)The currency's peg to the euro and low commodity prices helped to keep inflation low.
Language
French (official), French Lingala and Monokutuba (lingua franca trade languages)English is not spoken.
Corruption perception index (Source: Transparency International)
165/180Extremely high level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18.9%A reduced VAT at the rate of 5% is levied on importation and cement produced locally.
Corporate Tax
30%Services rendered by foreign suppliers are subject to a 20% WHT. Foreign companies may qualify for a simplified tax regime at 7.70% effective tax rate on taxable turnover Companies in agriculture, agro pastoral, poultry or fishing are exempt. A minimum tax of 1-2% turnover may also apply.
Duties
5% to 30%Customs value is calculated on the cost, insurance, and freight (CIF) level. Rates vary according to the goods imported: Basic necessities: 5% Raw materials and capital goods: 10% Intermediate and miscellaneous goods: 20% Consumer goods: 30% Additional entry taxes apply on the importation of goods, from 0.04% to 1% on CIF value.
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