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Fiscal tax policy on youth employment: Clarifications on government measures.
Fiscal tax policy on youth employment: Clarifications on government measures.
As a strategy to promote youth employment in the economy, the Finance Law of 2016 indicated that institutions that recruit employers below the ages of 35 will not pay taxes on the salaries of the concerned employee(s) for a period of three years starting from the date of recruitment. It is against this backdrop that Senator Minyem Endene epse Eboumbou Patience questioned the Minister Delegate to the Minister of Finance, Yaouba Abdoulaye on June 21, 2019 on measures taken by government to broaden the scope of enterprises that benefit from the tax fiscal policy, widen the period of tax exemption on salaries for youths below 35 and other measures taken by the government to ensure the combat of youth unemployment. Minister Yaouba Abdoulaye clarified Senators on the worries raised during a question and answer session of the Senate chaired by its President, Marcel Niat Njifenji in the presence of the Minister Delegate at the Presidency in charge of Relations with Assemblies, Bolvine Wakata.
In his response, the Minister Delegate stated that the duration of three years on tax exemption for enterprises that employ youths has been extended to five years in troubled zones of the country. The Minister explained that going by economic analysis and projections, the employed youths would have been professionally and financially viable for taxes to begin meted on their salaries.
As concerns increasing the scope of institutions that benefit from the fiscal tax policy, the Minister stated that measures are being examined on the evolving of such an initiative.
On other measures taken by the government to promote youth employment, Minister Yaouba Abdoulaye said the 2013 Law on incitation on private investments accords important fiscal tax policy benefits to companies that create and provide jobs for youths. He cited other professional measures taken by the State such as the Three-Year Special Youth Plan, supporting youth entrepreneurship and providing loans to youths through the Small and Medium-sized Enterprises bank at reasonable interest rates to encourage start-up businesses and guaranteed economy growth.
Culled from Cameroon Tribune.