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Cameroon Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
25,640,965 (July 2018 est.)GDP (PPP)
$89.5 billion (2017 est.)Oil remains Cameroon’s main export commodity accounts for nearly 40% of exports. Other important exported commodities are timber, aluminum, agriculture, mining, and the service sector.
GDP growth rate
3.5% (2017 est.)High and stable
GDP (PPP) per capita
$3,700 (2017 est.)Very low. High income inequality.
Local currency
West African CFA Franc (XAF)Pegged to the EUR (1€ = 655.957 XAF)
Financial stability (Public debt)
36.9% (2017 est.)Low, but risky depends heavily on the price of oil
Inflation
0.6% (2017 est.)Low, it decreased sharply in the last 2 years
Language
English and French both officialMany local languages are spoken locally. French is the most spoken language (80% of the population speak it). English is spoken like a second language by a minority
Corruption perception index (Source: Transparency International)
Rank 152/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
19.25% standard VAT rateNote: VAT is invoiced only by natural and legal persons whose turnover (taxes excluded) is equal to or above XAF 50 million and who are under the tax regime of actual earnings.
Corporate Tax
The total Cameroon CIT rate is 33%. Minimum tax: based on turnover and depending on the tax regime of the taxpayer. This minimum tax is an instalment of CIT.A local tax of 10%, called Additional Council Tax, generally applies to the following taxes (corporate income tax, personal income tax, withholding tax, VAT).
Duties
Customs duties of between 5% and 30%, depending on the nature of the goods imported, are levied based on the customs value.African Integration Contribution (AIC) at the rate of 0.2% applicable to the taxable value of goods imported from third party countries into the African Union.
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