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News: “Decree will curb many fraudulent practices”- Prof. Kelly Mua Kingsley.
News: “Decree will curb many fraudulent practices”- Prof. Kelly Mua Kingsley.
Prof. Kelly Mua Kingsley, Expert in Forensic Accounts & Finance Engineering, Head of Finance Operations of the State, MINFI, in this interview culled from Cameroon Tribune, dissects the recent Prime Ministerial decree relating to the management of fiscal stamps and other tax values. Excerpts:
What innovations do the Prime Ministerial decree bring to the management of fiscal stamps and other tax values in the country?
The innovations of this decree can be seen from multiple facets: Key stakeholders from a legal standpoint are defined. This avoids the confusion in terms of representation and who plays what role in terms of collection and payment of the different taxes. There is also the introduction of the electronic fiscal stamps. This means from the comfort of your bedroom everybody can purchase a fiscal stamp or communal stamp. Worthy of note is the security disposition taken to secure the site directly because it meets with the international cyber security norms. Before this new decree, there were only two sources of payments widely known, but this new decree has added the online possibility of purchase and stamped papers. This decree will facilitate tax collection. Lately, insurance companies were granted authorization to collect tax, and this decree has extended to other intermediaries. Worthy of note however is the fact that all taxes collected are paid into the state treasury within the prescribed deadline in the tax code. The franking machine will be managed solely by the Ministry of Finance (purchase, maintenance, and disposal) and all franking devices will be connected to a central processor housed at the central command unit.
Are the new dispositions capable of fighting fraud as it has been rampant in the past?
Venality and racketeering in the domain of fiscal stamps have been the outcry of the government. This new decree by the PM will go a long way to curb the many fraudulent practices in the handling and management of fiscal stamps. The fiscal stamps today can take various forums as outlined by the decree, which entails codification in the crafting and design of the fiscal stamps, values (online, physical or otherwise). Handling of fiscal stamps, benefits, and consignments is limited only to state agents and intermediaries as defined by the decree in Article II.
What is your general appraisal of this decree as compared to the old one or regimes existing in other countries?
It is no longer a secret that the dwindling commodity prices have significantly affected the budget of most countries within the CEMAC sub-region. Enlarging and securing the base for government taxes, values and consignments is a plausible initiative. This decree will naturally secure the state revenue from taxes and impact our budget execution.
Culled from Cameroon Tribune
PM receives Libyan special envoy
Prime Minister, Head of Government, Chief Dr. Joseph Dion Ngute on August 7, 2019 night on behalf of President Paul Biya, received the Libyan special envoy, Joumaa Amer.
He was the bearer of a sealed message from the Chairman of the Presidency Council of the Government of National Accord, Fayez Mustafa al-Sarraj destined to President Paul Biya.
Talking to the press after the audience, Joumaa Amer said the message concerned strengthening and consolidating bilateral relations between Libya and Cameroon in all domains that range from politics, economic, technical to political concertation and coordination between the two countries at the levels of the African Union, UN and other international organisations. The two officials, the envoy said, also discussed the situation in Libya. He said Prime Minister Dion Ngute expressed a lot of concern about the situation in Libya. Joumaa Amer said there was a common vision between Libya and Cameroon to strengthen and consolidate the African Union.
Culled from Cameroon Tribune.