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Yaoundé - 19 November 2017 -
Taxation

Cameroon: GICAM fears a planned asphyxia of private companies in 2018

Cameroon: GICAM fears a planned asphyxia of private companies in 2018
  • Comments   -   Tuesday, 14 November 2017 08:36

(Business in Cameroon) - The inter-employers' Group of Cameroon (GICAM) revealed, in an official statement last weekend, that 2018 could be more challenging for companies in Cameroon. In this statement, GICAM, the oldest and most important employers’ group in Cameroon led by Célestin Tawamba, wrote: “despite many requests, GICAM was not consulted concerning the elaboration of the financial law of 2018. Moreover, GICAM discovered with astonishment and dismay, after it read the document published in the press as the draft of the law, that the authors did not take into account any of the suggestions it submitted to the government in due time”.

However, this exclusion of GICAM in the development of a law “so essential for the private sector in view of its impact on taxation, competitiveness and many vital aspects of companies” is not the only complaint CIGAM made.

It also fears a seemingly planned asphyxia of companies operating in Cameroon if the financial law which will be reviewed in the coming days by parliamentarians was adopted like it is now because it contains provisions which could impose these firms unbearable constraints. These constraints will negate every effort made by Cameroon’s government and CIGAM to build trust in the private sector in the past years.  

One of these provisions that are bothering the leading employers’ group is “the expected increase of the tax burden in 2018, the oppressive nature of the law and the weakening of the scheme to pay VAT”.

Overall, GICAM thinks that Cameroon’s government “is leveraging on the need to increase the budget revenues to weaken local and export-oriented firms”. 

Brice R. Mbodiam

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