Investment code in Cameroon
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Cameroon Investment charter was promulgated into law on April 19th 2002, under law N°2002/004. Some changes were made leading to law N° 2004/020 on 22nd july 2004. This investment charter puts the investor, the private entrepreneur and private company at the cornerstone of the economic growth. The role of the state is to create an enabling environment allowing businesses to flourish, innovate and create jobs, environmental protection and ensuring fair and transparent competition. Two categories of incentives: general and specific General incentives of the investment code in Cameroon:
- Promotion: marketing of Cameroon business potential, trade fair organisation, promotion of joint ventures etc.
- Facilitation: mainly assistance in handling process and application leading to investment or business incorporation into Cameroon
- Investment support: technical and financial support to business creation or rehabilitation and export of goods from Cameroon Specific Incentives: Specific incentives include business regime, sectorial code and economic zones.
- Business regimes Business and investors in Cameroon might operate automatically, under a declaration or under an agreement
This are incentives linked to one or more economic activities. There exist actually a mining code, a petroleum code, a gas code, a power code ( electricity law). • Economic zone: There are set up when and where needed to boost economic growth of an area. All these incentives are managed by a unique counter and the newly created Investment Promotion Agency located in Douala can provide more information and support in this regard. investment code in cameroon
Corporate Income Tax
According to the provisions of Section 3 of the General Tax Code, the following shall basically be liable to Corporate
- Companies with share capital, cooperative societies, public establishments or bodies with financial autonomy carrying out gainful activities;
- Partnerships which have opted for Corporate Income Tax. The rate of the Corporate Income Tax applicable shall be 35%. However, such tax amount shall be increased by 10% as levy for additional council tax on a basis represented by the principal of the Corporate Income Tax. The overall tax rate
thus calculated shall be 38.50%. The amount of tax owed by each company shall not be lower
than a minimum assessed in a percentage of the turnover (minimum tax).The minimum tax rate increased by the council tax shall be 1.1%.
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