Cameroon’s top five state revenue earners

During 2019, five different taxes and duties accounted for 77% of the revenues collected by the Public Treasury. They generated CFA1,584.4bn in tax revenue (approx. $2.7bn) from CFA2060.7 bn ($3.5bn) collected over the whole year by the General Directorate of Taxes

(DGI) which sits under the Ministry of Finance. These five taxes and levies were, over the decade 2010-2019, the largest contributors of resources to the State budget.

In first place is value added tax (VAT). It provided the Public Treasury with CFA739.6bn in 2019 ($1.27bn), or 36% of the total revenue collected by the DGI. This consumption tax, set at 19.25% of the value of goods and services, was actually down on the monies collected in 2018, which sat at CFA784bn, the highest yield over the period 2010-2019. Back in 2010 VAT accounted for only CFA287bn (or $490m).

VAT is followed by non-oil corporate tax (IS), the yield of which doubled between 2010 and 2019, from CFA172.4bn to CFA344.4bn ($592m) over the period. The corporate tax rate is currently set at 30% for large companies and 28% for SMEs.

The other three major taxes in Cameroon are excise duties, whose revenues have actually tripled during the period. Revenue from this tax to which so-called luxury products and certain other special products are subject peaked at CFA207.3bn (($356m) in 2019, compared to only CFA68.5bn in 2010.

During the same period, income tax on wages (IRPP) and the special tax on petroleum products (TSPP) also doubled, respectively from CFA84.3bn to CFA164.4bn ($283m), and CFA83bn to CFA128.7bn ($221m).

The Cameroonian government aims to collect CFA3,088.7bn ($5.3bn) in tax and customs revenue in 2022, as per the draft budget law presented to parliamentarians. Translated from investiraucameroun.com

“A VARIETY OF FOREIGN AND DOMESTIC FIRMS HAVE RECENTLY ANNOUNCED NEW INVESTMENT PLANS