Tax Incentives for Agriculture, Fisheries and Stock breeding
Agriculture, Fisheries and Stock Breeding get additional tax incentives
In my previous post I talked about the possible new law that may introduce measures to promote the digital economy. This was found in the proposed 2021 Draft Finance Bill. I also promised writing about a new addition to promote agriculture, fisheries and stock breeding activities in Cameroon.
The information and communication technologies sector play a significant role in all aspects of the development or growth of an economy. Employment in the ICT sector has more than doubled and further employment increases are expected as many youths are becoming involved in this sector.
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In a similar situation, the government is also using tax policy to effect growth in the agricultural sector. Growth in the agricultural sector is very crucial in reducing poverty in Cameroon.
The government must have realized that the neglect for the agricultural and agro-transformation sector have had a negative effect on the overall economic growth of Cameroon. This may be the reason it is coming up with tax incentives in order to give a new impetus to the agricultural sector.
Agriculture, Fisheries and Stock Breeding
The proposed 2021 Finance Bill has come up with a list of purchases to be exempted from value-added tax (VAT). The new additions can be seen in the fisheries, poultry and equipment for production and transformation.
Other tax incentives
Other existing incentives to promote the agriculture, fisheries and stock breeding sector include:
- Waiver from taxes and wage contributions paid to seasonal agricultural workers;
- Exemption from registration fees on transfer of land used and for loan agreements to finance agriculture, fisheries and stock breeding;
- Exemption from land tax on all property used for agriculture, fisheries and stock breeding companies. However, this excludes office buildings of the said companies.
Effects of the tax policy on Agriculture
Such incentives will reawaken investors in the agriculture, fisheries and stock breeding sector as it will extensively be exploited by agricultural businesses. This will bring more growth to the agricultural sector in Cameroon and save it from collapse.
Cameroon has a great potential to become an agricultural powerhouse in Africa. It is very necessary for the government to put in more to help revamp the agriculture, fisheries and stock breeding sector which in the past, had been a great potential for growth.
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.