To facilitate the autonomous funding of CEMAC and its specialized institutions, the council of ministers of the Central African Monetary Union (UMAC), which met in Ndjamena on October 29, before the extraordinary session of the Heads Of States held on October 31, 2017, recommended a “direct debit” mechanism, to avoid that member countries accumulation contribution arrears, the statement released at the end of the council revealed.
The recommendation was however rejected by the heads of states of CEMAC two days later they decide to exceptionally cancel 90% of their contribution arrears for the Community Integration Tax (CIT).
Let’s recall that the Community Integration Tax that CEMAC’s member countries have to pay represents 1% of their imports from non-member countries. It is the major funding instrument of CEMAC’s institutions. Adopted in December 2000, the CIT, according to experts, suffers from some congenital defects, which makes its collection ineffective, looking at how some countries accumulated arrears over many years.
With businessincameroon
