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Cameroon: The tax administration collected CFAF520.3 bln of non-oil revenues in Q1-2020, outperforming forecasts

Cameroon: The tax administration collected CFAF520.3 bln of non-oil revenues in Q1-2020, outperforming forecasts
  • Comments   -   Thursday, 09 July 2020 14:33

(Business in Cameroon) - As at March 31, 2020, the Cameroonian tax administration collected CFAF 534.8 billion of non-oil tax revenue out of a target of CFAF 520.3 billion, i.e. a 102.8% achievement rate, the Directorate General of Taxation (DGI) informs.

Compared to the performances over the same period in 2019, which stood at CFAF 463.3 billion, these revenues are up by CFAF 71.4 billion, i.e. +15.4% in relative value. However, according to the DGI, the good performance recorded during the quarter under review should see a sharp reversal due to the Covid-19 crisis whose effects on economic activity have been perceptible since March.

Factoring in this economic downturn and the business support measures issued by the government, the internal non-oil revenue forecast for the 2020 financial year was revised downwards to CFAF1,724.8 billion (a decrease by CFA378.2 billion compared with initial forecasts) in the Ordinance N° 2020/001 of June 3, 2020.

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