The Minister of Finance Alamine Ousmane Mey, has disclosed government plans to save a sum of 100 billion CFAF a measure to reduce the Special Tax on Petroleum Products (STPP) and other taxes payable by passengers and goods carriers.
Speaking this Tuesday 18th November 2014 at the National Assembly in Yaounde after defending the Ordinance before the Finance Committee, Finance Minister said the impact of this government plan is already felt in the country`s economy through a 50 per cent cut on petroleum taxes .
Minister Alamine Ousmane Mey also said local councils will be challenged to save some FCFA 100 billion, an estimate of
0.7 per cent of Gross Domestic Product GDP, in a bid to streamline frequent fluctuations in petroleum products.
He said the savings will be taken to other sectors in the economy like major infrastructure projects as a fulfilment of the Cameroon`s 2035 vision, a priority of President Paul Biya and his government.
The Minister pin-pointed to the fact that effective measures have already been instituted to mitigate the effect of increases in petroleum prices.
The Finance Committee was led in the 2015 budgetary session in the National Assembly by Honourable Moutymbo Rosette Ayayi, while the Alamine Ousmane Mey was assisted by the Vice Prime Minister, Minister Delegate at the Presidency in charge of Relations with the Assemblies, Ahmadou Ali.