The Settlement Bill for 2013 and the convention on Cameroon-Morocco trade were also received.
Government’s social and economic policy for 2015, which includes the State budget, was yesterday, November 25, 2014, submitted in the Senate. The event, which held in the Senate chambers located at the Yaounde Conference Centre, was chaired by Senate President, Marcel Niat Njifenji.
2015 Finance Law
The 2015 State budget stands at FCFA 3,746.6 billion, up from FCFA 3,312 billion in 2014; representing an increase of 13.12 per cent. Projected economic growth stands at 6.3 per cent, while inflation is forecast at 3 per cent. Government expects growth to be propelled by increases in oil production of 12.9 per cent and income as a result of the coming into effect of the law on incentives for private investment.
Cameroon-Morocco Tax Regime
The other bill is to enable the Head of State ratify the convention on trade between Cameroon and the Kingdom of Morocco signed on December 7, 2012 in the context of the Joint Cameroon-Morocco Commission. The Convention on the Avoidance of Double Taxation and the Prevention of Tax Evasion with respect to Taxes and Income seeks to promote and strengthen economic relations between the two countries. It is particularly aimed at preventing the double taxation of nationals of the two countries, thereby increasing returns in investments. It will also spur Cameroonians to invest in Morocco by taking advantage of double tax avoidance measures.
2013 Settlement Bill
The 2013 Settlement Bill submitted yesterday shows that the implementation of the first-ever programme budget brought improvements in the execution of the 2013 State budget in spite of the global economic situation. Economic performance for the budget of FCFA 3, 236 billion was largely satisfactory, with income generated at almost 93.41 per cent and expenditure at 91.92 per cent. Public debt servicing amounted to FCFA 292,100,669,727, out of a forecast of FCFA 314 billion. The difference between budget revenue execution and expenditure execution gave a balance of FCFA 48,355,683,282.
