- The West African nation exceed its revenue projection for 2022
Cameroon-tax review for the current year 2022 is already yielding positive results for the tax administration as all projections have been exceeded halfway into the year.
Following a recent announcement by the nation’s Ministry of Finance, the Directorate General of Taxation announced a whooping sum of 1,597 billion CFAF already generated as tax revenue.
Africataxreview.com gathered that the Directorate earlier into the year had projected tax revenue of 1,309 billion with a breakdown of 1,278 billion CFAF from non-oil revenue sources.
Striking a comparison with last year’s performance, the directorate generated only 1,298.9 billion CFAF during the same period in 2021. This year’s performance has jumped by over 200 billion CFAF compared to last year.
In a recently concluded end-of-the-month national coordination held in Yaoundé, the Directorate had announced a 23% year-on-year tax revenue increase so far.
Based on this figure revealed on August 22, 2022 in Yaoundé, at the end of the monthly national coordination meeting of the central and decentralized services of the DGI, the country’s tax revenue envelope is up 23% year-on-year.
On a breakdown analysis, non-oil revenue had increased by 13.1% year-on-year, from last year’s figure,
Taxation on oil companies saw a pick of 147.9 billion FCFA at the end of July 2022, up by away from the 51.5 billion FCFA collected under the same tax at the end of July 2021.
Cameroon-Tax Review: Reasons for Improved Performance
In the recently concluded monthly brief by the DGI, a reason for its improved performance is the effective collection of non-oil revenue.
The DGI also hailed some of the strides in the collection from oil companies, improving its collection in the oil industry.
Digitalization of revenue collection processes has also ranks among the top reasons for improved collection.
Follow us on Twitter for more update
DISCLAIMER
The information contained herein is general and is not intended, and should not be taken, as legal, accounting or tax advice provided by Taxmobile.Online Inc to the reader. This information remains strictly the opinion of Taxmobile.Online Inc.
The reader also is cautioned that this material may not apply to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of other tax factors if any action is to be contemplated. The reader should contact his or her Tax Advisers before taking any action based on this information.
All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Taxmobile.Online Inc.