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    VOD   ZAE000132577

VODACOM GROUP LIMITED

(VOD)
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End-of-day quote Johannesburg Stock Exchange  -  2022-08-17
135.89 ZAR   -1.47%
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Telecom operators in Congo face $180 million tax hit

06/08/2022 | 01:24pm EDT

June 8 (Reuters) - Democratic Republic of Congo has issued invoices to telecoms operators under a new tax that is expected to cost them around $180 million per year, two sources familiar with the matter said on Wednesday.

The government adopted the tax imposing levies on every phone call, text message and megabyte of data in March. Telecoms companies operating in Congo include Airtel, Vodacom , Orange and Africell.

The tax replaced another levy that was withdrawn a month earlier after sparking public protests and a parliamentary inquiry into where the revenues were going.

The Congo Authority for Post and Telecommunications Regulation (ARPTC) issued an order earlier this year blocking price increases on consumers, meaning the burden of the new tax will fall on the companies.

The national chamber of commerce said in a statement on Tuesday that the levy threatened to squeeze a telecoms sector whose taxes are already far higher than the average in sub-Saharan Africa.

"All the operators in Congo have rejected these invoices, judging them to be tarnished by irregularities and thus unenforceable," it said.

The invoices cover a period of roughly six weeks and come to about $20 million, one of the sources said, asking not to be named.

A government spokesman referred a request for comment to the ARPTC, which could not be immediately reached. Representatives for the telecom companies were not available to comment. (Reporting by Aaron Ross and Nqobile Dludla; editing by Barbara Lewis)


© Reuters 2022
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ChangeLast1st jan.
BHARTI AIRTEL LIMITED -0.12% 732.35 End-of-day quote.7.09%
DOW JONES AFRICA TITANS 50 INDEX -1.71% 454.19 Real-time Quote.-13.64%
ORANGE 0.50% 10.378 Real-time Quote.9.70%
S&P AFRICA 40 INDEX -2.15% 149.04 Real-time Quote.-12.99%
VODACOM GROUP LIMITED -1.47% 135.89 End-of-day quote.0.94%
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Financials
Sales 2023 118 B 7 007 M 7 007 M
Net income 2023 17 703 M 1 054 M 1 054 M
Net Debt 2023 41 109 M 2 448 M 2 448 M
P/E ratio 2023 13,8x
Yield 2023 5,39%
Capitalization 230 B 13 705 M 13 705 M
EV / Sales 2023 2,31x
EV / Sales 2024 1,98x
Nbr of Employees 7 642
Free-Float 25,4%
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Number of Analysts 10
Last Close Price 135,89 ZAR
Average target price 147,00 ZAR
Spread / Average Target 8,18%
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Mohamed Shameel Aziz-Joosub Director
Raisibe Kgomaraga Morathi Chief Financial Officer & Executive Director
Sakumzi Justice Macozoma Chairman
Dejan Kastelic Chief Technology Officer
Nkateko Nyoka Chief Officer-Legal & Compliance
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