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News / Tax / Tax Obligations
Deadline Extension: Cameroon’s Taxpayers Get Breather Amidst Internet Disruptions
Cameroon extends tax filing and payment deadline for February 2024 to March due to recent internet disruptions. Stay compliant with the new date!
Cash Payment Ceiling Reduced in Cameroon
This post discusses recent changes to Cameroon’s General Tax Code regarding deductible cash expenses. It outlines how the threshold has been lowered from 500,000 CFA to 100,000 CFA.
Early Preparation for 2023 Statistical and Tax Returns Filing
Ensure a seamless 2023 statistical and tax returns filing with OpenHub Consulting Ltd. Discover expert guidance for early preparation, new deadlines, and stress-free compliance. Your financial peace of mind starts here!
2023 End of Year Tax Filing in Cameroon
Statistical and tax returns filing is a vital process that allows taxpayers to accurately report their financial information and fulfill their obligations to the tax authorities.
What is interest paid to investors?
Technology startups in Cameroon receive favourable tax incentives to stimulate investment and promote the growth of the digital economy. These include a reduced income tax rate of 5% on interest paid to investors and dividends paid to shareholders, and on movable capital revenue. This strategy is part of the government’s plan to foster entrepreneurship, attract investment, and support the development of the technology sector in the country.
What is dividends paid to shareholders?
Cameroon offers a tax incentive to encourage investment in technology startups. Any dividends paid to shareholders and income tax on movable capital revenue or investor interest are taxed at a reduced rate of 5%. The government aims to stimulate the growth of the digital economy, entrepreneurship, and attract more investment to the tech sector. Startups and investors should, however, consult tax professionals to understand the eligibility criteria and other associated requirements.
What is income tax on movable capital revenue?
Technology start-ups in Cameroon enjoy a reduced 5% tax rate on income from movable capital revenue, dividends, and interest payments, as part of a government initiative designed to encourage entrepreneurship and technology investment. The aim is to stimulate growth in the digital economy. Start-ups and investors are advised to consult tax professionals to fully understand the scope and conditions of these incentives.
Incentives for Promoting the Digital Economy: Boosting Start-ups in the Digital Sphere
Cameroon’s General Tax Code offers tax advantages and incentives to ICT start-ups registered in approved management centers to foster innovation and support the digital economy. During the incubation phase, start-ups are tax exempt, giving them financial freedom to focus on growth. Technological innovation is encouraged through a 30% income tax credit on associated expenses. During the operational phase, further benefits continue, such as reduced tax rates, exemptions, and preferential rates on capital gains from sales. After five years, start-ups transition to the regular tax system, maintaining their established foundations.