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Yaoundé - 28 March 2024 -
Agriculture

Cameroon: tax revenues coming from oil refineries will drop by 40% in 2015, according to ASROC

Cameroon: tax revenues coming from oil refineries will drop by 40% in 2015, according to ASROC
  • Comments   -   Friday, 20 November 2015 15:41

(Business in Cameroon) - According to the Association of Oleaginous Refiners of Cameroon (ASROC), the sector contributes approximately FCfa 120 billion to the annual revenues of the State, through various taxes. But this year, Jacquis Kemleu Tchabgou, General Secretary of ASROC, says these revenues would drop by 40% (approximately FCfa 50 billion).

According to the operators on this sector, two major events are at the root of this drop in tax revenues. First, there is the slowdown in activity by refiners due to the insecurity in the Est and Extrême-Nord regions, which prevents the export of products to Chad and the Central African Republic.

Then, the Cameroonian market is flooded with imported products, sometimes due to contraband. This situation, according to ASROC, has already led to the closure of three production units in Douala, with the ensuing loss of jobs.

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