2017 Tax Laws: Business Operators Schooled On Taxation

The new law opens up to many facilities in the agricultural sector.

The business community of the South West Region has been advised to always go to taxation centres with individual business balance sheets to avoid ambiguity in assessment.
This was one of the major lessons dished out to some 50 operators of businesses in the South West Region last weekend in Fako Divisional Capital, Limbe, as the Regional Chamber of Commerce organised an information workshop on the 2017 tax regulations. The operators included traders, manufacturers, service providers, craftsmen and women based in the Region.
 On the occasion, Mrs Biaka Francisca, South West Regional Delegate of the Cameroon Chamber of Commerce, Industry, Mines and Crafts (CCIMC) explained the objectives of the one-day workshop as acquainting with innovations of the 2017 finance law, sensitising tax payers, now called partners, on their rights and obligations, and exploring difficulties faced by business operators. It came out crystal clear from the Limbe meeting that the tax payers in the South West are in stress now since January when internet facilities were dislodged from the region.
Experts of taxation invited to the workshop detailed out the major reforms of this year’s finance law which to them principally improves the business climate and simplifies tax procedures for optimal mobilisation of revenue. The experts dwelled on section 122 of the general tax code with such privileges as waiver of tax and employer charges on wages by farmers to seasonal agricultural workers. Such advantages include the exemption from Value Added Taxes (VAT) on the purchase of pesticides, fertilizers, agriculture and fisheries equipment. The participants were delighted to learn about reforms to boost investment in disadvantaged zones during installation, exploitation and otherwise. Equally, reforms aimed at reducing contacts between tax administrators and payers were exposed, as well as reforms to encourage local and raw material use.

 

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Mrs. Biaka Francisca: “Tax Paye...

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