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Cameroon - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The Corporate tax rate is 35% + 10% of local tax, which amounts the Corporate tax to 38,5%. In general, the minimum tax payable is 1.1% of annual gross sales.
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Taxe rate on long-term capital gains |
Capital gains are taxed in Cameroon at the rate of 38,5%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
There is a witholding tax on dividends at the rate of 16.5% if paid to residents and a the rate of 25% otherwise.
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Tax rate on branches |
Profits realized in Cameroon by branches of foreign companies are presumed to be distributed and therefore subject to a branch withholding tax of 25% on after-tax income. This rate is subject to reduction by treaty.
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Income tax
Fiscal year |
The fiscal year begins on July 1st and ends on June 30th of the next year.
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Income tax rate |
Cameroonian residents are taxed on their incomes perceived in Cameroon and abroad, The nonresidents are imposed only on their original Cameroonian incomes,
People are considered as residents if they stay more than 183 days in the country and if their main residence is in Cameroon,
Income tax rate schedule 2004:
- From 0 to 2 000 000……………………………………….10 %
- From 2 000 001 to 3 000 000…………………………15 %
- From 3 000 001 to 5 000 000…………………………25 %
- Over 5 000 000………………………………………35 %
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VAT rates
Standard rates |
The base rate is 18,7%.
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Reduced rates |
Imports, essential foodstuffs and medical products are exempted of VAT.
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Other important taxes
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Name of tax |
Rate |
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Tax on oil production sale
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120 FCFA / LITER
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Rights of recording
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1% to 15%
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Housing contribution
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2,5% for employers and 1% for employees
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Tax on loans
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20%
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Accounting
Introduction
In Africa, there is an uniform act for the Harmonization of the Corporate Law.
This treaty is opened to any State member of the African Unity Organization.
Cameroon is member of the AUO and subjected to standards.
General accounting principles
- 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 accountings.
-The leader must set up a management report.
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Obligations and publications
- 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.
Certification and auditing
The control of accounts is undertaken by auditors.
Professionals and representative organizations
" The Institute of Chartered Accountants of Cameroon ".
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Last modified in
January 2003
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