The correct title of the law is “Law No. 2018/011 of 11 July 2018 to lay down the Cameroon Code of Transparency and Good Governance in public finance management”. This law establishes the framework for transparency and good governance in the management of public finances in Cameroon.

Key points of Law No. 2018/011 include:

1. It sets the code of transparency and good governance for public finance management in Cameroon.
2. Article 6(1) of the law states that contracts between the government and private or public companies must be made public.
3. The law applies to companies that exploit natural resources in Cameroon.
4. It is part of Cameroon’s efforts to improve transparency and accountability in public finance management.

Country by Country Reporting

Law No. 2018/011 of 11 July 2018, which established the Cameroon Code of Transparency and Good Governance in public finance management, and country-by-country (CbC) reporting are both initiatives aimed at improving fiscal transparency and accountability. However, they are distinct measures with different scopes and implementations in Cameroon.

The Law No. 2018/011 focuses on broader aspects of transparency and good governance in public finance management within Cameroon. It aims to improve the overall management of public finances and increase accountability in government operations.

On the other hand, country-by-country reporting is a specific international tax transparency measure that requires multinational enterprises (MNEs) to provide detailed information about their global operations to tax authorities. As of the latest available information:

1. On 19 December 2023, Cameroon introduced a country-by-country reporting requirement through the enactment of Law no 2023/019, the Finance Law for fiscal year 2024.
2. The new CbC reporting rules in Cameroon are effective from 1 January 2024, with the first reports due by 31 December 2025 for companies with a 31 December 2024 year-end.
3. The CbC reporting requirement applies to MNEs operating in Cameroon with consolidated group turnover of at least XAF 492 billion (approximately EUR 750 million) in the preceding fiscal year.

While Law No. 2018/011 and CbC reporting are separate initiatives, they both contribute to Cameroon’s efforts to enhance transparency and accountability in its financial systems. The introduction of CbC reporting represents a significant step towards aligning Cameroon’s tax practices with international standards, complementing the broader governance improvements sought by Law No. 2018/011.

Law no 2023/019

Law No. 2023/019 of 19 December 2023 is the Finance Law of the Republic of Cameroon for the 2024 financial year. This law introduces several significant changes to Cameroon’s tax and financial landscape:

1. Country-by-Country (CbC) Reporting: The law mandates CbC reporting for multinational enterprises (MNEs) operating in Cameroon. Key points include:
   • Applies to MNEs with consolidated group turnover of at least XAF 492 billion (approximately EUR 750 million) in the preceding fiscal year.
   • Reports must be submitted electronically within 12 months after the conclusion of the tax year.
   • First reports are due by 31 December 2025 for companies with a 31 December 2024 year-end.
2. Tax Filing Deadlines: New deadlines are set for annual tax returns based on taxpayer categories:
   • 15 March for Large Taxpayers’ Unit
   • 15 April for Medium-sized Tax Centres and Specialised Tax Centres
   • 15 May for Divisional Tax Centres
3. Other Tax Measures:
   • Reduction in registration duties on transfers of goodwill (from 15% to 10%)
   • Introduction of a tax regime for non-professional taxpayers
   • Establishment of procedures for automatic exchange of financial account information
4. Penalties: Failure to file, incomplete, or inaccurate filing of the CbC report incurs a fixed fine of XAF 50,000,000.

This law represents a significant step in aligning Cameroon’s tax practices with international standards, particularly in terms of transparency and information exchange in tax matters.