Page 17 - Profmark Africa Overview 2024

Congo (Rep.) (GMT +1)

General:
▪ Capital City: Brazzaville
▪ Official Language: French
▪ Currency: Central African CFA Franc (XAF)
▪ Main Exports: Oil, diamonds, potash, timber
▪ Surface Area: 342.0 sq. km (thousands)
▪ Population: 6,332 million (2024,est)
Key Economic Indicators:
▪ GDP: $15.32 billion (2023) / GDP Growth Rate: 1.9% (2023)
▪ CPI Inflation Rate (annual): 4.3% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: B-
▪ Indicator of Economic Freedom Score: 47.8/100
Exchange Controls:
▪ Exist, Transfers within the CEMAC Zone are not restricted
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Congo-source income
Tax Rates:
▪ Individuals: Residents: Progressive rates to 40% [from XAF 0 to 464,000 of
taxable income - taxed at 1%]
▪ Companies: 28%, with certain exceptions
▪ Inheritance and Donations Taxes: Taxable at varying rates from 0% to 18%
▪ VAT: 18%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Bank of Central African States https://www.beac.int

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