Holders of petroleum contacts who carry petroleum operations in Cameroon are authorised to hold their accounts in American Dollars and underwrite their authorised capital in the said currency.
With the exception of company tax, and in some cases production levies, they enjoy the following incentives;
- Exemption from all taxes or tax after tax on the profits or dividends paid to shareholders.
- Exemption from all import duties & taxes.
- Exemption from any direct taxes on their petroleum operations with the state, decentralised authorities, or any public or moral person.
Suppliers of good & services, to holders of petroleum contracts or authorisation benefit from.
- Exemption from turn over tax
- Exemption from value Added Taxes & assimilated taxes.
- Sub-contractors are equally exempted from payment of special revenue tax.
- Equipment directly linked to the petroleum exploration or exploitation pay a 5 % customs duty during the first 5 years of operation.