(Business in Cameroon) - In the budget implementation report recently released by Cameroon’s ministry of finance (MINFI), it is revealed that at end-September 2017, non-oil revenues generated by the country stood at CFA1,885.6 billion against CFA1,816.7 billion at the same time in 2016. This represents an increase of CFA68.9 billion (+3.8%) over the period. However, compared to the initial target of CFA2,040.5 billion aimed at for the end of September 2017, it is down by CFA154.9 billion, thus representing an achievement rate is 92.4%.
This under-performance is noticeable in all the sections of these revenues type. For instance, the ministry of finance indicates that taxes on non-oil companies, personal income taxes, and excise duties have contracted on a year-to-year basis. Compared to the CFA1,312.5 billion targeted at end-September 2017, taxes and duties are down by CFA36.5 billion. This represents a realization rate of 97.2%. “This under-performance is attributable to the difficult economic environment and troubles in the Northwest and Southwest”, the MINFI explained.
Regarding custom revenues, over the period under review, they stood at CFA519.6 billion against CFA504.2 billion at end-September 2016, thus surging by CFA15.4 billion (+3.1%) on a year-to-year basis. Against the initial target which was CFA608 billion for the period, these revenues were down by CFA88.4 billion, corresponding to an achievement rate of 85.5%.
According to the ministry of finance, this under-performance was mainly due to lower imports (-2% overall, and -7% oil excluded) and, at a lesser extent to the impacts of the Economic Partnership Agreement (EPA).
Over the same period, non-tax revenues have decreased by CFA13.2 billion (-12.8%) to CFA90 billion at end-September 2017. This represents a contraction by CFA30 billion, compared to the CFA120 billion target, and, an achievement rate of 75%.