Many business owners or entrepreneurs in Cameroon rarely care about what the finance law or the changes that are made in the General Tax Code. The 2019 Finance Law of Cameroon became effective after it was signed by the President of the country, Paul Biya, under Law No 2018/022 of December 11, 2018. This came after it was deliberated and adopted by the lawmakers in Parliament.
Many are even unaware of what is new, what has been added or removed meanwhile this is very important because these modifications will always affect their businesses.
Tax Day in Cameroon is March 15 where every registered business is supposed to file in their tax income returns (Statistics and Tax Declaration). If you have a business and haven’t registered it, then you have to read these 6 Reasons Why You Should Have Your Business Registered.
Some tips on the 2019 Finance Law of Cameroon
Let me share with you certain things you need to know about the 2019 Finance Law of Cameroon. Go to our download center and get a copy of the 2019 Finance Law of Cameroon in English as well as French.
Some noted changes in the Cameroon 2019 Finance Law that was voted in the 3rd ordinary session of the 9th Legislative Period 2018 of the 2018 legislative year included:
29 Sections in the General Tax Code were modified
19 Sections in the Manual of Tax Procedures were also touched in the 2019 Finance Law of Cameroon.
23 Sections were modified by the Cameroon tax legislators for the Customs Duties and Taxes. It should be noted that this is the greatest changes effected in Custom Duties and Taxes for the past 10 years.
It should be noted that the Finance Law of the Republic of Cameroon for the 2019 financial year is out to determine the expenditure and revenue of the country for 2019. It also puts in place budgetary and financial balance conditions as well as establish the state budget.
The 2019 Finance Law of the Republic of Cameroon is based on:
Measures for securing state revenue
Measures to promote socio-economic development
Measures to reduce public or state expenditure
Increase the tax base
Measures to improve the business and economic environment in the country
Reinforcement of the fight against tax fraud and evasion
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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.