12 February 2008

Cameroon: Business Climate - Taxation Authorities Take Lead

The fiscal component of the measures to ease investment in Cameroon has gone operational at the department of Taxation.

Owing to its technicalities and the difficulty of understanding the new dispensation, authorities of the Taxation department have resolved to explain and sensitise tax payers on what ever measure may be taken in that direction.

In an unsigned explanatory paper published in Cameroon Tribune on Thursday, taxation authorities underscore the four areas through which the measures will be implemented. These include: procedure simplification and business creation incisive measures; improvement on the business legal security and reinforcement of tax payers' guarantee; support to the competitiveness of national enterprises and enhancement of enterprise treasuries.

According to the new law, the simplification of procedure has to do with exonerating new enterprises from business licences during the first two years of their creation. "The implementation of this law entails the delivering of an exoneration certificate following an application from the newly created company", the statement said. This aspect will be implemented by the chief of centre for taxes. The law equally entails the suppression of tax deduction at the source for private, public and para-public enterprises.

Improving the business legal security and reinforcing tax payers' guarantee are measures taken to facilitate issues for foreign investors. In the same light, other measures set out to foster competition among national enterprises. These particular measures seek to help improve the performance level of local enterprises in order to face their international counterparts within the framework of the Economic Partnership Agreement. In this vein, local enterprises will be exonerated from Value Added Taxes for those using agricultural in-puts and fisheries.
Cameroon Tribune (Yaoundé)

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