Applying VAT to insurance

In the Democratic Republic of Congo , the value added tax (VAT), set at 16%, has been in force in replacement of turnover tax set at 18%. The state insurer Sonas has therefore reduced by 2% the tariff of its insurance policies which will be renewed after January 1, 2012. The top management ordered agencies to comply with VAT payment deadlines setting the 15th of each month as a deadline.