Taxation Policy: GICAM Advocates Fiscal Reforms
The business conglomerate officially handed over proposals for fiscal reforms to government on Monday.
(Cameroon Tribune) Business people are advocating fiscal reforms to enable them flourish
and create more riches for the country. They made their intention known
on Monday May 28, 2018, at the Andre Siaka Conference Hall of GICAM
headquarters during a ceremony to officially hand over proposals for
fiscal reforms
to the government represented by the Minister of Finance,
Louis Paul Motaze.
Speaking during the ceremony, the President of GICAM, Celestin
Tawamba said the fiscal system in Cameroon is complex, unjust, and
confiscatory; serving as an obstacle to development. He said fiscal
revenue since 2013 has risen by 66 per cent while the growth rate
dropped by two per cent during the same period thereby making companies
to grow poorer. Hence the need to return to the former system of taxing
the interest instead of scale of business.
In response, the Minister of Finance said the business community and
government have to work to establish a balance between maximising fiscal
revenue to enable the State provide the necessary infrastructure for
business to blossom and not over taxing companies to the point of making
them run out of business.
He therefore welcomed the initiative of GICAM to make concrete
proposals saying they will be studied before he could give an official
response. He promised associating the business class in drafting the
next State budget as well as in drawing up the economic policy of the
nation.
Louis Paul Motaze however frowned at making such proposals publicly
through the press, suggesting the establishment of a permanent framework
for consultation between the public and private sectors. “Government
will do all in its power to enable the private sector evolve and create
more riches,” the Minister said. True to the spirit of confidentiality,
the proposals were made behind closed doors during a two-hour working
session with the business men and women.
Prior to the presentation of the proposals, the Government Delegate
to the Douala City Council, Fritz Ntone Ntone presented a project which
is close to his heart, that of establishing a metropolitan investment
company, SMID, which is out to ameliorate the attractiveness of the city
of Douala both in terms of beauty and economic opportunities, create
employment, guarantee environmental protection and promote good
governance.
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