#BetaPipol This provision is contained in the budget bill under consideration since November 25th, 2021 at the National Assembly.
The 0.2% tax will be levied when sending and withdrawing money. It will be returned to the public treasury by the service providers no later than the 15th of every month.
This new tax in the making is a desire of the state to collect more tax revenue from financial transactions done by telephone.
The government is all the more determined because it has expressed its dissatisfaction with the low revenues from these telephone transactions in the past.
Despite the absence of specific regulations, MTN and Orange; the two main operators already pay the value added tax which they return to the public treasury. This justifies the increase in the costs of sending and withdrawing Mobile Money.
It is a safe bet that the regulatory framework that will be set after the adoption of the budget will result in further increases in the costs of this service.
It should be noted that Mobile Money generates considerable income. According to the Bank of Central African States (Beac), 12,151 billion frs of financial transactions via mobile money were recorded in Cameroon in 2020. If the same amount is recorded in 2022, the State could make up to 25 billion frs from the mobile money taxes.