Cameroon Concord | 22 June 2017
Cameroon: Economic partnership agreement with EU reduces customs revenue
The said Economic partnership agreement EPA between Cameroon and the European Union which entered into vigour since 4th of August 2016 has been in disfavour of mr Biya’s country.
Ten months after the agreement went operational, Cameroon has recorded a fall in revenue collection which stands at 600 million fcfa far from the 15 billion drop that was previewed.
The general manager of Cameroon customs, Fongod Edwin Nuvaga revealed this information during a two day workshop which ended in Douala yesterday 21st of June 2017.
This lose could increase drastically as days go by due to fraud, corruption and black market transactions at the Douala seaport.
More to that, Customs officials also warn that, if strict surveillance measures are not taken to control products imported, businessmen will fraudulently pass their goods through Europe so as to benefit from tax exoneration in Cameroon.
It is against this backdrop that the directorate general of customs brought its private partners on a common platform to chart the way forward on how to fight against these ills.
The first group of imported products benefiting from tax incentives include medications, medical equipment computers, school materials, among others. Meanwhile the second set of goods which constitutes; industrial products, essential oil, tyres, just to name a few, will receive a 15% reduction per year in taxes for seven years as from 2016.
Though government overlooks at the 600 million lose, but economists say it is not healthy for the country’s economy which is dangling at the moment and hope to emerge by 2035.
Making a trade deal with a 27 nation zone against Cameroon is very unfair and even makes Cameroon’s commitment to the CEMAC sub region questionable.
It is alleged that mr Biya’s kingdom ’Nicodemusly’ signed the partnership with the EU without the consent of its CEMAC members who have remained reticent and sceptical about the deal.