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Cameroon might impose a 20% tax on log exports

Unconfirmed reports have surfaced again on a likely 20% export tax on log exports in Cameroon. This could have implications for other log exporting countries which may decide to follow suit or enjoy the competitive advantage such a tax in Cameroon would deliver. It appears the authorities in Cameroon have reversed the suspension imposed on around 30 concessionaires accused of failing to meet the requirements of their concession agreements. These concessionaires and others will all soon part in the annual bidding process for renewal of their concessions. This projected increase can be explained in two ways.

 

First of all, with the continuous drop in oil revenues, the Cameroonian government is planning to create new income sources or increase the contribution of existing sources, to replenish a treasury increasingly called upon due to the major ongoing projects in the country and additional expenditure incurred by the fight against Boko Haram.

Thus, wood would be the adequate product to boost customs revenues. During 2015, there was a global volume of 938,455 tons of wood logs export from Cameroon to the world. Second, the increase on the log export tax would be like a government strategy meant to encourage logging operators to move into local processing.

This could also create added value for the entire national economy, as well as it could be a source of employment.

 

Concord Newsdesk

Website: www.cameroon-concord.com Email This email address is being protected from spambots. You need JavaScript enabled to view it.
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Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .

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