29 January 2013

Cameroon: Business People Embrace Innovations in 2013 Finance Law

Entrepreneurs across the economic capital have been familiarised with the new Finance Law. A seminar to get the people to get business people acquainted with changes in the Law held in Bonanjo on Monday around the theme "Innovations of the 2013 Finance Law".

The seminar was opportunity for the Chamber of Commerce in Douala to explain the purposes of the modifications and the new policy orientation. In his opening remark, Hon. Albert Dooh Collins guided the participants on the general guidelines for the new fiscal policy of the State. He said the fiscal policy remains primarily focused on broadening the tax base, securing tax revenues, the fight against tax evasion. It's innovations place emphasis on measures against fraud and tax evasion, and securing revenue through the extension of settlements of duties and payments by electronic means, transfers and bank checks while seeking to bring more business people of the informal sector to the formal sector.

The Finance Law for 2013 paves the way for the implementation of Cameroon's fiscal policy with a toll on performance, unlike earlier policies which mainly provided the means. The changes in the tax laws were made around these pillars in comparison with successive innovations in the provisions like the General Tax Code and the Customs Code.

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