Experts-Mac

CAMEROON

Taxation changes in the 2015 Finance Law

The draft of 2015 Cameroon Finance Law has brought some changes and modification in the taxation laws as mentioned bellow:

• The reduction of Corporate Income taxation rate from 35 to 30% (Art 17 GTC);

• Increase of the Advance Corporate Income Tax rate from 1 to 2% (Art 21 and 69);

• The removal of the VAT fees on commissions charged by travel agencies on international flights. (Art 127);

• The non deduction of VAT credits generated from transactions made in cash (Art 143 and 149);

• The collection of airport stamp duties airlines companies (Art 605 and above);

• The introduction of an electronic follow up for all company VAT taxable invoices (Art 8a L);

• The extension of deadline to inform the taxpayer from 8 to 15 days (Art 43);

• The removal of the 10% deposit requirements as part of the conditions needed to contest tax advice (Art L 119 and L 124);

• The use of the “tax clearance certificate” as the only official document for the follow up of administrative procedures. (Art C 24).

SOURCE : Finance Ministry Cameroon