Taxes - Accounting

Cameroon

Nature of the tax: Value Added Tax (VAT)
Tax rate: The VAT rate is 19.25%.
Reduced tax rate: A 0% rate applies for exported goods and services. Certain essential goods are exempted.
Other consumption taxes: An excise duty of 25% is applicable to cigarettes, drinks, cosmetics or luxury products : jewels, precious stones.

Corporate tax	38.5% in total (35% of corporate tax + 10% of a local tax)
The minimum tax payable	1.1% of annual gross sales

Capital gains taxation: Capital gains are treated as ordinary business income and taxed at normally company tax rates.
Main allowable deductions and tax credit: The deductible charges are: straight-line depreciation ; provision for doubtful debtors and depreciation of stocks ; salary to employees (including benefits in kind) ; health insurance premium for the benefit of Cameroonian and foreign employees ; rentals for property rented by an associate manager with a capital holding of less than 10% in the company ; interests on current accounts of associates and shareholders subject to the condition that their rate does not bypass that of the TIAO increased by 2 points ; Head Office charges, as well as those related to research, technical assistance, financial or accounting charges, given to Western companies, subject to certain limitations.
Other corporate taxes: Payroll tax, real property tax, social security contributions, stamp duty, transfer tax, special income tax.

Personal Income Tax	Progressive rate from 10% to 35%. A surcharge of 10% of the principal tax is levied on the rates.
From XAF 0 to 2,000,000	10%
From XAF 2,000,001 to 3,000,000	15%
From XAF 3,000,001 to 5,000,000	25%
More than XAF 5,000,000	35%

Allowable deductions and tax credit: Allowable deductions include business expenses, social security contributions, professional expenses (fixed at 30%) and a real estate deduction (fixed at 30%).
Special expatriate tax regime: There is no special tax regime for expatriates.

Countries with whom a double taxation treaty have been signed: See the list of the convention signed
Withholding taxes: Dividends: 16.5%, Interest: 16.5%, Royalties: 15%.
Bilateral agreement: Cameroon and Tunisia are bound by a double taxation treaty: no

Signed	Ratified	Enforced

Pour aller plus loin dans vos recherches nous vous proposons de connaître les taxes locales connaître les taxes locales qui s'appliquent à votre produit.

Tax year: The fiscal year extends from 1st January to 31st December.
Accounting standards: The accounting standards are based on the Organization for the Harmonization of Business Law in Africa (OHADA).
Accounting regulation bodies: Ministry of Commerce
Accounting reports: - At the end of each accounting year, the manager discloses the financial statements synthesis, in compliance with the Uniform Act regulations concerning the organization and harmonization of accounts.
-The Manager must prepare an annual report.
Publication requirements: - An annual report must be published.
- Any modification in the presentation of the financial statements synthesis must be indicated in the annual report and, if possible, in the report of the auditor.
- The accounting documents.
Professional accountancy bodies: National Order of Certified Public Accountants of Cameroon
Certification and auditing: The verification of accounts is undertaken by auditors. They are engaged in certifying the regularity and the true nature of the financial statements and to give their certification with certain reservations or to refuse it, precising the reasons. You can contact external auditors: Deloitte, PricewaterhouseCoopers.
Accounting news: Einnews