Innovations in the 2024 Finance Law of Cameroon
4M Legal and Tax Law Firm
by TAX
4M ago
The recently enacted Law N° 2023/019, dated December 19, 2023, marks a significant turning point in the financial landscape of Cameroon. As the cornerstone of the 2024 fiscal year, this Finance Law, promulgated by the President of the Republic, brings about critical modifications to the General Tax Code, reflecting the nation’s evolving economic priorities and strategies. This article delves into these changes, offering a detailed exploration of their implications for businesses and individuals across Cameroon. I. General Tax Considerations 1. Deductible and Non-Deductible Expenses Under the ..read more
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Fintech – Simplified procedure to recover erroneously transferred funds through payment service providers
4M Legal and Tax Law Firm
by TAX
5M ago
In an ongoing commitment to safeguard consumers of payment services, foster trust in the use of payment accounts, and facilitate real-time instant transfers, the Central Bank of CEMAC Member States (Cameroon, Chad, Equatorial Guinea, Gabon, the Central African Republic, and the Republic of the Congo), has recently issued a Circular Letter outlining the process of reclaiming funds erroneously transferred through Payment Service Providers (PSP) in the CEMAC zone.  This Circular Letter introduces additional responsibilities for payment service providers, aiming to simplify the previously com ..read more
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Corporate Compliance: A Comprehensive Guide to Ultimate Beneficial Owner Compliance in Cameroon
4M Legal and Tax Law Firm
by TAX
5M ago
In a decisive stride towards enhancing transparency and accountability, the 2023 Finance Law of Cameroon introduced a comprehensive framework imposing clear obligations on the beneficial owners of legal entities operating within the country, regardless of their corporate or personal income tax status. This framework encompasses three key aspects: 1. Identification of Ultimate Beneficial Owners Representatives of legal entities are responsible for identifying and verifying the identities of their beneficial owners. Beneficial owners are individuals who directly or indirectly own twenty percent ..read more
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Trade Names Registration In Cameroon
4M Legal and Tax Law Firm
by TAX
5M ago
In a rapidly evolving business landscape, establishing a unique and recognizable brand identity is vital for entrepreneurs in Cameroon. One crucial step towards achieving this is the registration of trade names. As a mandatory gateway to company incorporation, trade name registration offers a range of benefits and legal protections. Below we explore the importance of trade name registration in Cameroon, the process involved, and the rights and duration conferred upon business owners. 1. Understanding Trade Names A trade name serves as the distinctive label under which a business establishment ..read more
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Accelerating Cameroon’s Digital Transformation: A Series of Draft Bills and other texts for Public Consultation
4M Legal and Tax Law Firm
by TAX
5M ago
With the support of a $100 million World Bank-financed program, the government of Cameroon aims to drive reforms and policies in the Information and Communication Technologies (ICT) sector through the program for accelerating digital transformation in Cameroon (“Program”). This ambitious endeavor, approved by the World Bank on September 28, 2021, sets the stage for a paradigm shift toward a digital future. It is therefore within the framework of the above program that the Ministry of Post and Telecommunications recently released a series of draft bills and decrees for public consultation (proj ..read more
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Tracker of Virtual Assets Regulation Within The CEMAC Zone
4M Legal and Tax Law Firm
by TAX
5M ago
The recently published report on payment services by the Central Bank of CEMAC Member States demonstrates the awareness of the Central Bank of the growing appeal of cryptocurrencies among the population. However, it is impossible at the moment to reliably quantify this phenomenon. The report clearly states that Crypto-assets are freely sold or exchanged among citizens of CEMAC, facilitated by the promotion efforts of cryptocurrency trading platforms through advertising posters and sponsorship of major events. To acquire crypto-assets, users were using their credit/debit cards. This tracker i ..read more
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Illuminating the Legal Landscape: The Law 2.0 Conference – Las Vegas
4M Legal and Tax Law Firm
by TAX
5M ago
From July 10th to 12th, 2023, Epanty MBANDA, our Managing Partner, actively participated in the Law 2.0 conference held in Las Vegas, USA. The Law 2.0 Conference is one of the biggest in-person events that attracts and brings luminaries of the legal world on a global stage.  Epanty MBANDA offered a presentation on that topic: “The Place of the Internet in the Development of Africa – The Case of Cameroon”. The conference covered pivotal topics such as “Principles of Consumer and Business Credit,” “The Psychology of Data”, “Compliance 2.0: Shifting From Risk Aversion To Risk Intellige ..read more
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LNI Business Meetings in Barcelona – Spain
4M Legal and Tax Law Firm
by TAX
5M ago
Epanty MBANDA, Managing Partner of 4M Legal & Tax, a leading Cameroonian law firm renowned for its expertise in corporate, commercial, and tax matters, actively participated in the Legal Network International (LNI) business meeting held in Barcelona, Spain, from October 19th to 22nd, 2023. This prestigious event, hosted by Toda & Nel-lo, a distinguished independent law firm in Barcelona since 1992, provided a crucial platform for Epanty MBANDA to showcase 4M Legal & Tax’s capabilities and highlight the burgeoning business opportunities in Africa and Cameroon, particularly in light ..read more
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ILN Business Meetings in Prague – Czech Republic
4M Legal and Tax Law Firm
by TAX
5M ago
From October 5th to 8th, 2023, Epanty MBANDA, our Managing Partner, actively participated in the International Lawyers Network (ILN) conference held in Prague, Czech Republic. Hosted by PETERKA & PARTNERS, a prominent full-service law firm in Central and Eastern Europe, the event served as a valuable platform for showcasing our firm’s capabilities. Epanty MBANDA presented insights into our firm’s activities and seized the opportunity to discuss business prospects in Africa, notably Cameroon, in light of the implementation of the African Continental Free Trade Area (AfCFTA). The conference ..read more
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Mobile Money: A Robust Catalyst for Financial Inclusion in CEMAC
4M Legal and Tax Law Firm
by TAX
5M ago
The recently released 2022 report on payment services by the CEMAC Central Bank highlights the pivotal role of mobile money in driving financial inclusion, digitizing payments, and developing African economies. Mobile money accounts for an impressive 98% of all opened payment accounts in the CEMAC zone, demonstrating its dominant position in the financial landscape. During the referenced period, a staggering 2.4 billion mobile money transactions were processed, amounting to a total value of over 107,126 billion CFA francs. This remarkable growth is attributed to the widespread adoption of USSD ..read more
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