(Business in Cameroon) - During the 11th edition of Cameroon Business Forum (CBF) held on October 22, 2020, in Yaoundé, it was recommended that Cameroon should reduce the minimum income tax (which is 2.2% of the turnover) and consider reducing corporate taxes (which is currently 33%).
The deadline for implementation of these two tax reforms is set for the end of December 2020 and the institution tasked to ensure its implementation is the Ministry of Finance through the Directorate General of taxes.
This reform was called for by the employers’ grouping GICAM. “I think the time has passed for turnover tax. This tax must be replaced by an incentive and stable tax that favors the creation of value and long-term wealth,” Emmanuel de Tailly (MD of SABC and vice-president of GICAM) told Business in Cameroon in June 2020.