The agro-industrial, as well as Boh Plantations Limited, will benefit from various tax advantages in order to revive the banana sector, which has ceased operations since 2018 due to the Anglophone crisis.
A text contained in the 2022 finance law, grants tax advantages to companies located in economically affected areas (North-West and South-West) has been promulgated by the President of the Republic. It provides for an exemption from the contribution of licences, exemption from VAT on the acquisition of goods services in order to revive the banana sector. Cameroon Development Corporation (CDC) and Boh Plantations Limited, also located in the South-West, are affected by these advantages.
In addition, these companies will be exempt from registration duties on transfers of immovable property; exemption from land ownership tax; exemption from VAT on acquisitions of inputs for production; exemption from corporation tax; exemption from monthly instalments and the corresponding minimum collection; exemption from employers' charges on salaries paid to employed staff.
In addition, the payment of the tax debt of companies in the economically damaged banana sector is frozen for three years. At the end of the seven-year period, the companies concerned are returned to the tax regime of companies located in economically affected areas.
