(Business in Cameroon) - During a meeting with the private sector on September 27, 2019, in Douala, Louis Motaze, Cameroonian minister of finance revealed some directions of the 2020 finance act, which will be submitted during the parliament’s next meeting in November.
For the port taxation, the official announced the elaboration of a progressive taxation system for import products. 0% will be imposed on end products, 2% on semi-manufactured products, 5% on raw materials and 10% on precious stones.
The official also announced the increase, from 5.5% to 10%, of customs duties levied or exports of finished or semi-finished lumber. A 20% customs duty is also suggested for the importation of pre-cooked fragrant rice. In addition, the ad-valorem excise duty on tobacco could rise from 25% to 30%.
Louis Paul Motaze indicated that the government will also suggest the institution of a 50% fixed ad-valorem excise duty for beauty products made from hydroquinone. A 5% excise duty could also be applied to products with high chocolate or sugar contents.