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Economy

2022 draft budget :Cameroon projects 12.6% YoY rise in tax and customs revenues

2022 draft budget :Cameroon projects 12.6% YoY rise in tax and customs revenues
  • Comments   -   Tuesday, 23 November 2021 10:57

(Business in Cameroon) - For the 2022 budget year, Cameroon has set a tax and customs revenue target of XAF3,088.7 billion. The figure is disclosed in the 2022 draft budget the government submitted to the parliament for review. If validated, the target will be up by 12.6% or XAF345.6 billion year-on-year.

For the government, that optimistic projection will be achieved thanks to the dynamism of economic activities,  with a projected  6.1% growth of nominal non-oil GDP.

It will also be achieved by optimizing the collection of those revenues through administrative measures and tax-base broadening measures. 

While presenting the draft budget before his peers during the November 8, 2021, special ministerial council, Finance Minister Louis Paul Motazé explained that the country was planning to boost the contribution of non-oil tax revenues to GDP from 11.3%  2021 to 12.1% in 2022. This represents a tax effort of 0.8% of GDP achievable thanks to "some new tax base measures, more administrative measures and the suppression of some temporary exemptions issued in the 2020 budget year o mitigate the impacts of the [Covid-19] pandemic," the official added.

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