Yaoundé - 15 August 2022 -
Public management

Cameroon: It will be “difficult to reduce” tax exemptions on basic food products, the IMF says

Cameroon: It will be “difficult to reduce” tax exemptions on basic food products, the IMF says
  • Comments   -   Wednesday, 19 August 2020 16:32

(Business in Cameroon) - Cameroonian authorities are carrying out a study on tax expenditures to assess the costs and advantages of tax exemptions for the state, the International Monetary Fund (IMF) revealed in its Country Report No. 20/48 focused on Cameroon.

The institution also estimates that the suppression of some of the exemptions will increase revenues and reduce corruption risks. However, it continues, as most of them are applied to basic food products like fish, rice, wheat, and milk, “the security and socio-political situation makes it difficult to reduce them. 

Let’s note that the government is making arrangements, in the 2021 finance bill being drafted, to reduce tax expenditures. In that regard, it plans to increase customs duties on rice and fish from 5 to 10%, 0 to 5% for wheat, and 5 to 30% for maize and soya meal. It also intends to reinstate VAT for butane.

Sylvain Andzongo

Recent fluctuations between the euro and the U.S. dollar have increased Cameroon's debt by CFA420 billion (+11.2%) between June 2021 and June 2022. Data...
Guinean Bange Bank is preparing its listing on the regional stock exchange Bvmac. Louis Banga, MD of the stock market, met on August 9 in this regard with...
The Bank of Central African States Beac forecasts the brewing industry in Cameroon to experience a sharp decline in Q3 2022. In its bulletin, the...
The Cameroonian government announced it will approve CFA780 billion in fuel subsidy to keep pump prices unchanged in this harsh period marked by rising...

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 »