Page 13 - Profmark Africa Overview 2024

Cameroon (GMT +1)

General:
▪ Capital City: Yaoundé
▪ Official Language: English and French
▪ Currency: Central African CFA Franc (XAF)
▪ Main Exports: Petroleum, cocoa, coffee, cotton, aluminium
▪ Surface Area: 475.4 sq. km (thousands)
▪ Population: 29,39 million (2024,est)
Key Economic Indicators:
▪ GDP: $47.94 billion (2023) / GDP Growth Rate: 4% (2023)
▪ CPI Inflation Rate (annual): 7.4% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: B-
▪ Indicator of Economic Freedom Score: 53.6/100
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Cameroon-source income
Tax Rates:
▪ Individuals: Progressive rates to 38.5% [XAF 0 to 2,000,000 of taxable income - 11%]
▪ Companies: 30% (33% effective with surcharge)
▪ Inheritance and Donations Taxes: Taxable at varying rates
▪ VAT: 19.25%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Varying rates apply
▪ Double Taxation Agreements: Canada, France, Switzerland, Tunisia and UDEAC
Useful links:
▪ Bank of Central African States https://www.beac.int
▪ CIPA (Investment Promotion Agency) https://www.prc.cm
▪ Directorate of General Taxation http://www.impots.cm

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