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$88 million missing on Congo mining taxes, says watchdog

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Tax authorities in Democratic Republic of Congo failed to account for more than $80 million in revenue from the country’s mining sector.

According to MineWeb, Firms such as Freeport-McMoran, Glencore and Randgold, which are international firms, have been attracted to Congo for its copper, gold deposits and cobalt, but it is still one of the world’s most corrupt country.

According to ChannelsTV, the funds that are missing date back to 2010 and Mack Dumba Jeremy, the national coordinator in Congo for the Extractive Industries Transparency Initiative (EITI), said that tax bodies should have taken the money and paid them into the central bank.

According to Reuters , Dumba said that so far the DGRAD tax agency has not been able to come up with any proof that shows the payment was made. Jeremy stopped short of saying that authorities were corrupt, but he also said that attempts to find the missing money has been going on for months now.

Jeremy went onto say that if DGRAD cannot prove that the money arrived in the public treastury three years ago, then EITI will go to courts to try to find the whereabouts of the money.

EITI aims to improve transparency in countries that are rich with resources, and it does this by adding up the amount of money that is paid by companies and how much money governments say it receives. digitaljournal.com

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