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Cameroon govt introduces new taxes in Finance Act 2024

Cameroon govt introduces new taxes in Finance Act 2024
  • Comments   -   Tuesday, 07 November 2023 17:00

(Business in Cameroon) - The Cameroonian government introduced new taxes set to come into effect in FY2024. The decision, taken at a cabinet meeting on November 2, will be submitted to Parliament for consideration during the next ordinary parliamentary session.

According to Finance Minister Louis Paul Motazé, the new taxes are intended to broaden the country's tax base, reaching previously untaxed pockets, rather than increasing the burden on existing taxpayers. The move is expected to boost domestic revenue and increase the overall fiscal pressure in the country, aligning closer to the African average, which was reported at 16% in 2020 by the General Tax Directorate of the Ministry of Finance. Estimated at 11.8% of GDP in 2022, the indicator has reportedly risen to 12.6% in 2023, according to the DGI.

"It is commonly accepted that the share of compulsory levies in national wealth must reach at least 25% to be significant and generate real development", says the DGI, referring to international standards.

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