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Cameroon, Switzerland intensify measures to tackle fiscal fraud.
Cameroon, Switzerland intensify measures to tackle fiscal fraud.
By Sandra Fomuso.
Cameroon and Switzerland have joined efforts to fight against fiscal fraud in the country, with respect to income taxes and the prevention of tax evasion. This was echoed during the opening ceremony of the second round of negotiations for the conclusion of an agreement signed between both countries, with sole aim of combating double taxation.
Speaking in Yaounde on July 22, 2019 the minister of finance, Louis Paul Motaze who presided at the event, affirmed that Cameroon and Switzerland have bilateral and multilateral relations in terms of fiscal matters. At the multilateral level, tax cooperation between Cameroon and Switzerland is based on joint participation in multilateral tax authorities such as the Global Forum on Transparency and Exchange of Information for Tax Purposes and the OECD Inclusive Framework for the Implementation of the BEPS Package, he said.
“Last year we were in Switzerland to launch the first round of negotiations, and this time around we are in Cameroon.” The MINFI boss acknowledged the need for additional expertise which can permit enterprises ameliorate their tax policy. The role of tax in a country like Cameroon cannot be overemphasized reason why efforts are being intensified to lessen the reliance on petroleum revenue.
“I am convinced that the tax agreement for the second round of negotiations opened today in Yaounde, after the one held in Berne in July 2018, is without doubt one of the most important instruments for consolidating friendly relations between Cameroon and Switzerland,” the minister asserted.
According to the ambassador of Switzerland to Cameroon, Pietro Lazzeri, this conference will offer a good opportunity for investment and also in the fight against fiscal fraud. More so, this come together will strengthen bilateral relations between both countries as well as enhance economic development, the ambassador said.
Cameroon’s friendly cooperation with Switzerland is marked by the investment of more than 160 billion FCFA by Swiss companies in Cameroon for the period 2012-2017 with activities ranging from agribusiness, health, petroleum, marine and services industries.
While pledging his country’s support and expertise in improving the country’s tax policy especially in small and medium sized enterprises, the ambassador’s greatest wish is to see these negotiations yield great fruits.
Cameroon and Switzerland are party to two multilateral tax instruments, notably the Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Instrument for the Implementation of Multilateral Taxes of the BEPS package respectively signed by Cameroon on July 13, 2016 and by the Swiss Confederation on July 7, 2017.