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CAMEROON: New Year 2015 Tax Finance Law Changes

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

 

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