Retrocession to financial rules in the Democratic Republic of Congo: A record amount of 475.5 billion Congolese Francs in the first half of 2023
In the first half of 2023, the Democratic Republic of Congo retroceded a total amount of 475.5 billion Congolese Francs (CDF) to the country’s financial rules. This equates to nearly US$235.2 million at the average 2021 budget exchange rate. These figures were revealed in the Budget Tracking Statements from the Budget Policy and Programming Branch for the month of June 2023.
The country’s financial authorities, including the General Directorate of Taxes (DGI), the General Directorate of Customs and Excise (DGDA) and the General Directorate of Administrative, Judicial, State and Participation Revenue (DGRAD), should receive a total amount of 1,256.9 billion Congolese Francs (CDF) for the full year 2023. This represents more than 600 million dollars.
It should be noted that the retrocession to the financial administrations concerns the premiums and quotas transferred by the State to the base services and to the general management of the financial authorities. These retrocessions include in particular base bonuses linked to the mobilization of public revenue. All the agents and executives of these financial authorities are concerned by these retrocessions, because they play an essential role in the collection of taxes and duties in the Democratic Republic of Congo.
This new year marks a record in terms of financial retrocessions, reflecting the Congolese government’s efforts to strengthen revenue mobilization and improve the country’s financial management. These retroceded funds will undoubtedly contribute to the financing of essential public services and the economic development of the country.
It is encouraging to see that the Democratic Republic of Congo is actively committed to the transparency and effectiveness of its financial policy. This boosts the confidence of citizens and investors and helps create an environment conducive to economic growth.
In conclusion, retrocession to financial rules in the Democratic Republic of Congo reached a record amount of 475.5 billion Congolese Francs in the first half of 2023. This reflects the government’s efforts to improve revenue mobilization and strengthen the country’s financial management. This financial transparency contributes to creating an environment conducive to the economic growth and development of the country