logoBC
Yaoundé - 30 September 2023 -
Mining

Oil and gas: Cameroon updates conditions for special income tax exemptions

Oil and gas: Cameroon updates conditions for special income tax exemptions
  • Comments   -   Monday, 20 December 2021 10:31

(Business in Cameroon) - In its 2022 finance law, Cameroon has updated the conditions required for oil contract holders at their research and development stage and their foreign contractors to benefit from exemption from special income taxes.

According to article 225 of the finance law, to benefit from the exemption, the contractors should offer their services at actual market prices and not have a permanent facility in Cameroon.

The text stresses that every year, tax services will check whether the oil holders and their contractors meet the required conditions to benefit from the exemption. If they are not compliant with the required conditions, they can choose to pay a special 3% income tax.

Up till now, at the research and development stage, oil contract holders and their contractors were granted the exemption without any backing condition, therefore causing a revenue shortfall for the public treasury. With the effectiveness of the 2022 Finance law, economic operators will have to comply with the required conditions to claim the exemption. If not, they will simply pay the tax, adding more revenues for the government.

S.A.

douala-to-welcome-first-air-algerie-flight-next-october-12
The Algerian national airline, Air Algérie, is preparing for its first flight from Algiers to Douala on October 12. This information was revealed by the...
beac-governor-calls-for-vigilance-against-counterfeit-banknotes
Only a few months after their release, forgers have already found a way to make the counterfeit versions of the new range of banknotes put into...
cuy-to-take-full-charge-of-financing-waste-collection-in-yaounde
The Yaoundé Urban Community (CUY) plans, in its new model, to start providing 100% of the financial resources needed for waste collection in the...
waste-collector-hysacam-could-lose-market-share-in-yaounde-again
Cameroon's waste collection company, Hysacam, could face a further reduction in its market share in Yaoundé in the coming months. Hysacam, along with...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »