The Cameroonian Directorate General of Taxation May 8 issued Circular No. 020, clarifying the implementation of Law No. 2023/019, the 2024 finance law. The circular includes that: 1) a prohibition against deducting losses attributable to a corporate taxpayer’s manifest negligence or recklessness applies from Jan. 1; 2) a reduction in the threshold for non-deductibility of cash payments, to 100,000 West African CFA francs (US$164) per operation from 500,000 CFA francs (US$821), applies from Jan. 1; 3) the effective date and penalties for country-by-country (CbC) reporting for multinational enterprises (MNEs) with annual revenue of at least 492 billion CFA francs (US$808.2 ...
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