The Sonara fire causes Cameroon to lose CFAF 84,2 billion in taxes in 2019

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The Sonara fire causes Cameroon to lose CFAF 84,2 billion in taxes in 2019

(Business in Cameroon) - The serious fire, which broke out on May 31, 2019 at the National Refining Company (Sonara), the only crude oil refining unit in Cameroon, had a significant impact on the revenue collected by the General Tax Directorate (DGI) of the Ministry of Finance.

According to the 2019 state budget execution report, this fire, which totally damaged 4 of the 13 Sonara production units and partially blown up three, cost the Public Treasury CFAF 84,2 billion, as losses recorded on tax collection.

Concretely, explains the aforementioned report, the suspension of production at Sonara, then the transfer of the activities of this refiner to imports of finished petroleum products, following the fire, caused a significant drop in taxes payable to the tax authorities.

Moreover, specifies the report, if the fire at the Sonara is "the major element»Explaining the drop in revenue at the DGI in 2019, a drop in "Spontaneous payment taxesHas also been observed in some other companies.

These include brewing, telecommunications and ICT companies, and then those operating in the wholesale and retail sector, the finance ministry lists in its report.

Brice R. Mbodiam

Read also:

18-08-2020 - Debted to more than CFAF 795 billion, Sonara represents a considerable risk for the banking system (IMF)

01-06-2020 - The rehabilitation of Sonara, Cameroon's only refinery, estimated at CFAF 250 billion

04-05-2020 - Cameroon has requested the services of Nigerian Sahara Energy for the import of 300 million liters of fuel

Source : https://www.investiraucameroun.com/actualites-investir-au-cameroun/1410-15383-l-incendie-a-la-sonara-fait-perdre-au-cameroun-84-2-milliards-de-fcfa-d-impots-en-2019

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