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Yaoundé - 21 October 2020 -
Economy

Cameroon: Tax revenues exceeded targets by 4% in H1-2020 despite the coronavirus pandemic

Cameroon: Tax revenues exceeded targets by 4% in H1-2020 despite the coronavirus pandemic
  • Comments   -   Friday, 16 October 2020 12:55

(Business in Cameroon) - Cameroon Collected XAF946.3 billion of tax revenues in H1-2020, according to the budget implementation report published by the Ministry of Finance. Compared with the XAF908.9 billion tax revenues collected by the country in H1-2019, this represents an increase of XAF45.6 billion (+5.1%).

"This increase is observed in all of the sub-categories constituting that revenue segment, except for registration fees and stamp duties, which fell by XAF4.9 billion (-9.2%) year-on-year to XAF48.5 billion. Revenues from personal income tax rose by XAF13.2 billion (+8.6), VAT by XAF4.6 billion (+1.6%), tax on non-oil companies by XAF16.2 billion (+7.7%) and excise duties by XAF17.7 billion (+17.3%)," the Ministry of Finance explains.

Compared with the XAF908.9 billion target set for the period, these revenues are up by XAF37.4 billion, representing an implementation rate of 104.1%. This performance was mainly spurred by excise duties (whose implementation rate was 117.8%) and the tax on non-oil corporations (106.3% implementation rate).

The Ministry of Finance did not provide reasons for such performance despite the coronavirus pandemic, which forced authorities to revise the budget and even forecast a recession (with a growth rate of -1%).

S.A.

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