113 In the realm of Cameroonian fiscal policy, significant changes are afoot. The enactment of the Finance Law for 2024 on December 19, 2023, heralds a series of tax amendments poised to redefine the operational landscape for businesses across the nation. Under these amendments, both deductible and non-deductible expenses undergo substantial revisions. Notably, adjustments to the deduction limits for head office expenses now incorporate a nuanced approach. Companies operating at a continuous deficit or in their nascent stages are subject to a deduction cap equivalent to 1% of turnover. For entities devoid of turnover, the benchmark shifts to encompass total annual expenses. Moreover, losses incurred from the transfer of liabilities during corporate restructuring no longer qualify as tax-deductible expenditures. Beyond expenditure considerations, alterations to tax return submission deadlines have been delineated. Large-scale enterprises, medium-size taxation centers, and divisional taxation centers must adhere to the revised deadlines of March 15, April 15, and May 15, respectively. Furthermore, heightened scrutiny is directed towards transfer pricing and Country-by-Country (CbC) reporting protocols. Enterprises falling under the purview of large-scale operations face expanded disclosure requirements concerning associated enterprises. Concurrently, the introduction of electronic submission mandates for CbC reports necessitates compliance within 12 months subsequent to the fiscal year’s conclusion, provided parent companies attain the requisite XAF 492,000,000,000 sales threshold. However, additional stipulations apply. Secondary local filing obligations become operative should the ultimate parent company’s state exhibit reluctance towards CbC report exchange. Additionally, financial institutions are mandated to furnish comprehensive disclosures regarding financial account holders to facilitate adherence to the Common Reporting Standard (CRS) exchange framework. The effective date for these legislative measures is January 1, 2024. Consequently, businesses across Cameroon are urged to promptly adapt to the evolving fiscal landscape. The Finance Law for 2024 signifies a paradigm shift in regulatory dynamics, underscoring the imperative for compliance and adaptability within the business ecosystem. You Might Be Interested In Congo and China in Discussions for $7 Billion Finance Deal Allianz Trade Eyes Growth Opportunities in India Private Credit Firms Witness Increased Growth in Asia as Banks Withdraw Unum Enhances Coverage for Employee Benefits Berkshire Hathaway’s Record Cash Reserves Leave Buffett Pessimistic about ‘Eye-Popping’ Results Tanium and ServiceNow Collaborate to Empower Customers with Cost-Effective Solutions