Cameroon Commits to Initiating Automatic Exchange of Financial Account Information by 2026

74

Cameroon, having been a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes since 2012, has committed to implementing the International Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by September 2026. Currently, 125 out of the 171 Global Forum members have pledged to commence AEOI by specific dates, with 12 committed between 2024 and 2026, and the majority have already initiated exchanges. This expanding initiative is pivotal in ensuring the efficacy of the Standard in addressing tax avoidance and evasion.

Louis-Paul Motazé, Cameroon’s Minister of Finance, emphasized the nation’s unwavering dedication to transparency and combating international tax malpractices, citing it as essential for fair taxation, equitable resource allocation, and sustainable development.

The Global Forum pledges to support Cameroon’s journey towards fulfilling its commitment to automatic exchange by September 2026. Regular updates will be disseminated to both Global Forum members and the G20. The Secretariat of the Global Forum stands ready to assist Cameroon’s tax authorities in implementing the AEOI Standard and overcoming any potential challenges.

Gaël Perraud, Chair of the Global Forum, highlighted the significance of capacity-building efforts in empowering developing nations to embrace various forms of information exchange. He commended Cameroon’s decision to embrace automatic exchange, foreseeing accelerated efforts in curbing tax evasion and illicit financial flows while enhancing domestic resource mobilization.

Key background information includes updates on the status of commitments for automatic exchange (AEOI), the implementation of the 2021 Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries, the Peer Review of the Automatic Exchange of Financial Account Information 2023 Update, and the Tax Transparency in Africa 2023: Africa Initiative Progress Report.

The Global Forum stands as the premier multilateral body entrusted with ensuring global jurisdictions adhere to and effectively implement standards of transparency and exchange of information. Through rigorous monitoring, peer review processes, and comprehensive capacity-building initiatives, the Global Forum endeavors to fortify members’ capacities in adhering to international standards and optimizing cross-border information-sharing mechanisms.