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Finance

Cameroon lost XAF84.2 bln of tax revenues in 2019 because of the Sonara fire outbreak (MINFI)

Cameroon lost XAF84.2 bln of tax revenues in 2019 because of the Sonara fire outbreak (MINFI)
  • Comments   -   Thursday, 15 October 2020 14:35

(Business in Cameroon) - The fire outbreak at Sonara’s plant on May 31, 2019, has had significant impacts on the revenues collected by the general directorate of taxes.

According to the 2019 budget implementation report published by the Ministry of Finance, the fire (that destroyed 4 of Sonara’s 13 production units and partially burned three others) cost the public treasury XAF84.2 billion.

The report explains that because of the suspension of Sonara’s activities and the importations that ensued, the volume of taxes the country should have collected dropped drastically.

Nevertheless, the report explains that though the fire outbreak has had significant impacts on the volumes of taxes collected, it was not the only factor explaining the drop in tax revenues in 2019. According to the report, there has also been a decrease in the volume of spontaneous taxes paid by some companies that mainly operate in the brewing, telecommunication, ICT, wholesale and retail sectors.

Brice R. Mbodiam

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