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2020 tax revenues: 573 billion raised in quarter one.
2020 tax revenues: 573 billion raised in quarter one.
The Director General of Taxation, Modeste Mopa Fatoing, has said the department raised some FCFA 573 billion in the first quarter of the 2020 fiscal year. Comparatively the figure has been described as good, as it represents a 16 per cent increase from that of last year. By this time last year, FCFA 463 billion has been raised. Officials at the Directorate General of Taxation have attributed the increase to the recently enforced tax reforms. They said the reforms enabled the collection system to show strong resilience during this crisis period. The Taxation boss has, however, cautioned that the collection of tax revenues would be jeopardized for the rest of 2020 as a result of the Covid-19 pandemic.
Prior to the advent of the novel coronavirus, the Taxation Department had FCFA 2, 103 billion on target for the fiscal year.
Modeste Mopa Fatoing has explained that new targets could be considered, taking into account the current reality. Recall; as part of steps to reduce the impact of the anti Coivd-19 measures on the economy, some firms and businesses were exonerated from some taxes. This is obviously going to have an impact on the final output of the taxation sector. In April 2020, the department announced that the Unique Identification Number issued by the Taxation Office will be required when opening a bank account, subscribing to a social insurance scheme, as well as signing up for water and electricity supply. This was part of the progressive introduction of the said reforms. The Head of the Legislation Unit at the Taxation Department, Faycal Abdoulaye, at the time said the modernization of tax reforms would be beneficial to both the State and the population. Economists had predicted that the reforms would lead to the mobilization of more funds. “If for example you request for an ENEO connection, this assumes that you have a home, so you have to pay property tax; if you have a bank account, it presupposes that you have some income. Some of that income probably exposes you to a tax. So this approach also aims at identifying our tax payers’ file,” clarified an expert.
Culled from Cameroon Insider