According to the recently released implementation report by the Ministry of Finance (MINFI), non-oil revenues at the finish of September 2017 generated by the country stood at CFA 1,885.6 billion compared to CFA1,816.7 billion of the same period in 2016.
This represents a 3.8% (CFA 69.8 billion) increase over a one year period, but when compared to the target of CFA 2,040.5 billion, it is down by CFA 154.9 billion, representing a success rate of 92.4%
This under-performance is noticeable in all the sections of these revenues type. For instance, the ministry of finance indicates that taxes on non-oil companies, personal income taxes, and excise duties have contracted on a year-to-year basis.
Compared to the CFA1,312.5 billion targeted at end-September 2017, taxes and duties are down by CFA36.5 billion. This represents a realization rate of 97.2%. “This under-performance is attributable to the difficult economic environment and troubles in the Northwest and Southwest”, MINFI explained.
Regarding custom revenues, over the period under review, they stood at CFA519.6 billion against CFA504.2 billion at end-September 2016, thus surging by CFA15.4 billion (+3.1%) on a year-to-year basis. Measuring against the initial target of CFA608 billion for the period, these revenues were down by CFA88.4 billion, resulting to an achievement rate of 85.5%.
According to the Ministry of Finance, this under-performance was mainly due to lower imports (-2% overall, and -7% oil excluded) and, at a lesser extent to the impacts of the Economic Partnership Agreement (EPA).
Over the same period, non-tax revenues have decreased by CFA13.2 billion (-12.8%) to CFA90 billion at end-September 2017. This represents a drop by CFA30 billion, compared to the CFA120 billion target, and, an achievement rate of 75%.
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