Cameroon joins global economic elites for better financial monitoring

Cameroon has joined the global elites for better monitoring of financial flows beyond its borders of economic agents living on the national territory. The country, represented by the Minister of Finance, Alamine Ousmane Mey signed an agreement with the Organization of Cooperation and Economic Development at a ceremony held in Paris, France, on Wednesday.



Indeed, all countries of the world have understood the need to confine the fiscal evasion with respect to opportunity losses it generates for their economies, but we all know how difficult is it to control financial flows without a consequent development of an information exchange network.



It has been undertaken in recent years to pool their efforts in this direction, to dilute the issue of losses required to finance their economies and the fiscal availability, being careful not to classify the signatories of the agreement aptly developed countries.



As a proof, it is apparent our country is only the fifth continent the Convention can boast of having no less than 65 signatories. All of which attest to the sufficiency of the merits of Cameroon to adhere to this one.



Clearly, it is to better understand the traceability of financial transactions of economic agents for the purpose of altering their propensity for tax evasion and fraud.



To do this, the signatory countries of the Convention on Mutual Administrative Assistance in Tax Matters have to cooperate to substantially improve their revenue by favouring the recovery of tax claims in countries where there is inexcusable tax evasion believed to be hiding in financial plans.



An option initially in force in the countries of G20 which has been gradually extended to other countries when the first signatories of the agreement understood the artifices used by fraudsters to arrange a new tax haven.

Thus, beyond the extension of fiscal territoriality, the Convention provides significant savings for signatories in terms of reduced spending on research tax information first hand.



Cameroon will soon enjoy exceptional tax revenue from the rational use of the information from peers. And even if we're not there yet, it can be considered as a breakthrough in optical increase.