Companies Drilled on New Finance Law

Fred VUBEM TOH | 20-02-2018 11:37

This is within the framework of a seminar organised by the Regional delegation of the Chamber of Commerce recently.

In order to keep the business community abreast with the modifications contained in the 2018 finance law, the regional delegation of the Chamber of commerce on Tuesday February 13 at the conference hall of the Chamber of Commerce in Douala, organised a training seminar for some enterprises based in the locality.

Speaking during the opening ceremony of the seminar, the Regional Delegate for the Chamber of commerce, Albert Dooh Collins said the 2018 finance was drawn up within a special context marked by security concerns in the Far north, East and today the North West and South West Regions.

Hence the legislator sought to broaden the tax base as well as secure State revenue. It was therefore incumbent on the Chamber of commerce to acquaint the business community with the modifications contained in the law. The seminar organised on the theme; “specificities of the 2018 finance law and their impact on the running of enterprises”, saw the participation of some 31 enterprises which the Regional delegate said, surpasses his expectations.

The seminar was animated by experts on fiscal issues from a consultancy firm known as Okalla Ahanda and Associates as well as some officials from the taxation department. The modifications in the new finance law mostly concern the customs department, taxation and other financial dispositions.

According to Alain Mfacheu Watat, the main modification in the financial law has to do with the reimbursement of Value Added Tax credits which clearly spells out what is legally deductible. The law classifies companies into three main categories, those at minimal risk, average risk and high risk.

As concerns securing revenue, the law clearly states that structures like SNH, CCAA and other financial structures in charge of settling State bills, should deduct the VAT upon payment of the bill.

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