Cameroon and China signed a groundbreaking tax treaty on October 17, 2023, in Beijing, to deepen economic ties.
Signed by Cameroon’s Finance Minister on behalf of President Paul BIYA, the treaty aims to eliminate double taxation on income, creating a more predictable tax environment for businesses and individuals. It also seeks to crack down on tax fraud and evasion, protecting the integrity of financial transactions between the two countries.
This agreement is expected to boost trade and investment between Cameroon and China, streamlining tax procedures and attracting Chinese investment to Cameroon, which will foster economic development in both countries. The Chinese delegation, led by Wang Jun, Commissioner of the Chinese Tax Administration, highlights the mutual importance of this treaty.
More than just a legal document, this treaty represents the enduring friendship and shared interests of Cameroon and China. With provisions for transparency and fraud prevention, it sets the stage for increased cooperation and prosperity. This demonstrates the power of diplomatic agreements in forging a path towards shared success.
Note: Cameroon has previously signed nine tax treaties with other countries, covering a range of tax matters.
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