Cameroon Forestry Companies Pay $77 Million Taxes In 2 Years
Forestry companies operating in Cameroon paid a total of 38.5 billion FCFA (about 77 million dollars) by way of taxes to the government in 2018 and 2019, the Ministry of Finance said.
The Ministry’s report of October 2020 on the amelioration of forestry revenue performances in Cameroon, reveals that the amount “is the gap between the turnover (Fiscal Statistics Declaration) declared by the forestry exploitation companies and the free on board (FOB) values of their exports”.
According to the report, about 30 forestry enterprises had been identified as being at risk of seeing their declared turnover reduced for the 2018-2019 fiscal years.
The volume of non-declared activity in the face of their turnover attained 11.4 billion FCFA (22.8 million dollars) in 2018 and 16.7 billion FCFA (33.4 million dollars) in 2019, representing an added sum of 27.8 billion FCFA (55 million dollars), the report reveals.
On the payment of annual forestry royalties, the report indicates that the risk is understandable by comparing the annual forestry royalties paid by the holders of exploitation licenses and the annual forestry royalties contained in their financial offers.
“The calculation of this variable has enabled the identification of 75 forestry enterprises (out of 158 holding at least one forestry exploitation license) potentially at risk of not paying the annual forestry royalties for the 2018
and 2019 fiscal years,” the Ministry of Finance report reveals.
The report adds that the annual forestry royalties not potentially paid amounts to 5.2 billion FCFA (10 million dollars) in 2018 and 5.5 billion FCFA (11 million dollars) in 2019 which totals 10.7 billion FCFA (21 million dollars)
for the two fiscal years.
In all, a total of 38.5 billion FCFA (77 million dollars) is what was paid to the country’s coffer during the two fiscal years.
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