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Yaoundé - 25 May 2020 -
Economy

Covid-19: CEMAC countries invited to postpone implementation of any new corporate taxation measure to 2021

Covid-19: CEMAC countries invited to postpone implementation of any new corporate taxation measure to 2021
  • Comments   -   Wednesday, 01 April 2020 11:19

(Business in Cameroon) - The Ministers of Finance and Economy of the CEMAC region discussed the "economic and financial impacts of Covid-19 on CEMAC's economies and outline of solutions," on March 28, in Congo.

At the end of the meeting, it was decided, among other things, to put in place a set of measures to support companies affected by the preventive measures elaborated by each country to fight the pandemic. "These urgent support measures should be both fiscal (tax relief and moratorium allowances for the payment of taxes and certain social security charges) and budgetary (subsidies to companies to avoid bankruptcy and closures, as well as job losses). To this end, it was agreed that the States must postpone any new tax measures until 2021," the release published at the end of the meeting indicates.  

Apart from taxation measures, CEMAC recommends supporting national banks so that they can further fund companies, SMEs/SMBs particularly.

S.A.

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