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Alleged increase of taxes in electronic transaction cause an uproar amongst users and business operators of the sector

Écrit par sur 30 novembre 2021


The ongoing discussions on the finance law 2022 have raised controversies around the probable increment of taxes on electronic financial transactions. The increases of 0, 2% should be applied on emission of money, and 0, 1% on withdrawals. The dynamo effects of these alterations if implemented will the increase in the cost of these transactions which are already at the heart of much discussion amongst users. Economist Jean Marie Mbiada warns against final consumer paying the cost of the changes.

“The consequence will be the increase in the cost of transactions; and the final consumer will be the one to carry the weight, not the government, because the companies will continue to maintain their profit margins while shifting the taxes to the final user. Income taxes and the likes will be increased in general”

Business men engaged in the business of transfer of money have expressed their fears and possible difficulties if these laws came into effect as explains some call boxer

“It will be very difficult for Cameroonians because most Cameroonians have accounts. I think the government will be very rich, but it is the population who will suffer they will not put money in their account again; they will keep the money to themselves that’s not a good law.”

“It can bring problem in the country because the system that is in place now is better, the government can use other means to increase its revenue not through small businesses. The government should try and abolish it”

Operators decry the alarming rate of unemployment amidst an ongoing sanitary crisis. Their biggest fears are those of seeing their petit businesses close down due to the scarcity of customers that such a decisions could bring along.

Electronic monetary transactions have brought a great relief to the economy of Cameroon on a micro and macro scale. The ability of the sector to survive such a brutal change remains unanswered. Nevertheless,  the application of the said laws are still in debate at the national assembly, but its repercussions are already known.


Mireille Ngaket

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