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By end-May 2020, Cameroon granted CFAF3,846 bln of tax facilities to 245 projects (DGI)

By end-May 2020, Cameroon granted CFAF3,846 bln of tax facilities to 245 projects (DGI)
  • Comments   -   Wednesday, 08 July 2020 11:27

(Business in Cameroon) - By the end of May 2020, Cameroon had granted tax facilities to 245 projects amounting to CFAF 3,846 billion, according to data provided by the Directorate General of Taxation (DGI).

These facilities, the tax authority explains, are notably provided by the law of 18 April 2013 establishing incentive tax regimes in the fields of industry, energy, cement, tourism, and metallurgy, etc… Also, these projects benefited from a reduction in tax rates, which began since the 2015 Finance Act with the reduction, from 35% to 30%, of the corporate tax rate.

This trend continued with the reduction of the rate of the Special Tax on Income (TSR) from 15% to 5% for public procurement, and the tax rates for real estate transactions, particularly registration fees and capital gains tax.

In the same bid to promote a tax environment favourable to business development, a vast movement to simplify procedures has also been launched to eliminate all hassle and additional costs related to the fulfillment of tax obligations.

Since 2014, the introduction of E-procedures has enabled taxpayers to report and pay their taxes, and obtain various services online via the DGI 's website (www.impots.cm) without any physical movement or human contact with public officials.

S.A.

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