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Cameroon: Interests on mortgages and house sales exonerated from VAT from 2016

Cameroon: Interests on mortgages and house sales exonerated from VAT from 2016
  • Comments   -   Friday, 18 December 2015 06:54

(Business in Cameroon) - In its 2016 Finance bill, the Cameroonian government is considering facilitating access to housing through tax incentives. It therefore proposes, starting form 2016, to exonerate from VAT interests on mortgages and transactions on social housing.

This measure aims to encourage individuals and economic operators to get into social housing, by scrapping from the cost structure some tax elements which have often discouraged potential buyers or real estate operators. The end game being to lower costs and make social housing more affordable in Cameroon.

As a reminder, with a population of over 22 million inhabitants, Cameroon is currently facing a deficit in social housing officially estimated at about 1,3 million units. A project for the construction of 10,000 social dwellings was launched 5 years ago, but only 20% have been completed so far.

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