Regulatory Alerts2016-02-29
Added · Updated
Instruction on the Special Exchange Regime Applicable to Exploration-Production Oil Companies
This instruction establishes specific foreign exchange rules for exploration-production oil companies in the Democratic Republic of the Congo, requiring them to settle export receipts within 60 days and utilize specific declaration models (E.B, I.B, I.S, E.S, R.C) for transactions with banks. Companies must pay a 2 per mille exchange control fee (RCC) calculated every 15 days and remit it by the 1st and 16th of each month, while also submitting quarterly reports on global import declarations and monthly statistical data including production and payment records. The regulation authorizes the repatriation of funds for treasury needs only when foreign accounts are insufficient and reserves the Central Bank's right to verify account regularity, entering into force on the date of signature and repealing prior conflicting provisions.
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