March 24, 2023

Meeting for its second ordinary session of the year, on December 08, 2022, the Board of Directors of the National Hydrocarbons Company (SNH), reviewed the activities of the public company in charge of the interests of the State. in the oil and gas sector between January and October 2022. From the meetings chaired by Ferdinand Ngoh Ngoh Chairman of the Board of Directors and also Minister of State, Secretary General of the Presidency of the Republic, it appears that SNH paid to the State (sole shareholder editor’s note) over the above-mentioned period 15 billion FCFA in dividends.

According to the National Hydrocarbons Company, 9.317 billion FCFA come from corporate tax. Also, 3.426 billion FCFA come from various other taxes and duties including value added taxes; payroll deductions; prepayments and installments on rent; special levy on income abroad; company tax installments; Tax on non-commercial income, registration fees and customs duties.

Indeed, revenue from sales is transferred to the Treasury after deduction of production costs. These transfers alone (excluding taxes and dividends) amount to more than 4,693 billion FCFA between 2011 and 2021.

It should also be noted that in 2022, the sales of oil and gas made by SNH on behalf of the State made it possible to transfer to the Public Treasury, after deduction of charges, the sum of 614.277 billion FCFA. This sum is up by 91.03% compared to the same period of the previous year.

It should be remembered that as an agent of the State, SNH ensures the production and marketing of Cameroonian crude oil and gas, and transfers the proceeds from this sale to the State coffers after deduction of the related charges.

Eco Morning

The article SNH paid the State 15 billion FCFA in dividends in 2022 appeared first on Camerooncurrent.

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