Taxation Policy: GICAM Advocates Fiscal Reforms

The business conglomerate officially handed over proposals for fiscal reforms to government on Monday.

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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