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Experts recommend functional tax system for Cameroon’s economy

The implementation of a functional tax system based on the realities of the Cameroonian realities will boost the economy, experts have recommended.

They made the suggestion yesterday in Douala during the Small Business and Entreneurship networking forum organised by the Denis and Lenora Foretia Foundation.

The forum which is the first in 2020 brought together, entrepreneurs, small business as well as project owners to seek on better ways of accessing finance, assessing the taxation system a well as networking to improve on business returns.

In one of the modules focused on access to finance, participants focused on the recent legislation in Cameroon and the CEMAC sub region stressing it must be tailored to the realities of the country and not import legislation that obtains from elsewhere.

Participants also discussed on means to raise finances for their businesses without necessarily depending on banks and other financial institutions.

“I urged project owners to be able to do startup business by gathering funds themselves and start with the little they have and later reinvest the profit or they could even partner with other businesses,” Yvonne Ngem presented an exposé on access to finance said.

It was also an opportunity for experts to drill participants on the various steps involved in registering a business as well as the complexities involved in tax registration and declaration procedures.

 



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