(Business in Cameroon) - If promulgated into law, during the establishment and operation phases, businesses will be granted a common tax, customs, financial and administrative incentives and also special administrative incentives, according to the bill.

To benefit from these incentives, according to article 4 of the bill, the company has to budget between 5 and 25 million francs per quarter for the employment of Cameroonians. Also, companies that export between 10 to 25 % of its annual revenue taxes deducted will benefit from these set of incentives.

Similarly, a company that uses between 10 to 25% of local raw materials will be granted these incentives.

In so far, according to Article 7, the operational phase may not exceed 10 years, the investor may receive exemptions or reductions in the payment of the following: corporate tax, the minimum tax, income taxes, special tax on income or customs duties on export of construction equipment and equipment for processing plants.

Two government ministers: Alamine Ousmane Mey of Finance and Emmanuel Bonde of Mines, Industry and Technological Development on Tuesday April 2, 2013 defended the bill on investment incentives in Cameroon.

The bill, according to the government, will improve the business climate in the country and supplements the investment charter. “It will help to improve the business environment, but also to promote the creation, establishment and development of business in Cameroon. It will ease job creation and make Cameroon an emerging economy by 2035,” the bill reads.

This bill makes provision for two offices to receive application files. One logged at the service for promoting small and medium size enterprises and the other in charge of promoting foreign and local investments.

For control purposes, the bill adds a control committee to monitor incentives granted to companies.

Jude Viban