FCFA 100 billion to be saved in petroleum tax cuts

Local councils in the country will save over FCFA 100 billion, about 0.7 per cent of Gross Domestic Product, GDP, from the July 7, 2014 government measure to reduce the Special Tax on Petroleum Products (STPP) and other taxes payable by passengers and goods carriers.

Speaking yesterday, November 18, 2014, at the National Assembly in Yaounde after defending the ordinance before the Finance Committee, the Minister of Finance, Alamine Ousmane Mey, said the impact of the decision has already been felt in the economy through the reduction of petroleum taxes by almost 50 per cent since July 2014.

He said the savings will be taken to other sectors of the economy like major infrastructure projects as part of President Paul Biya’s Greater Accomplishments policy and emergence drive by 2035.

The Minister pointed out that measures were also taken to mitigate the impact of increases in petroleum prices. The Finance Committee was led in the defence by its head, Hon. Moutymbo Rosette Ayayi, while Alamine Ousmane Mey was assisted by the Vice Prime Minister, Minister Delegate at the Presidency in charge of Relations with the Assemblies, Amadou Ali.