Cameroon's tax system has undergone a comprehensive program of reform in recent years after President Paul Biya challenged revenue officials to modernize the general tax code through innovation, simplification and clarification.

New measures such as the widening of the tax base and unique identifiers for each tax payer have increased tax take and the tax collection milestone of CFA 1,000 billion was reached this year.

A specific tax system was also gradually put in place for the DSX to encourage companies to list on the financial market to promote the modernization and transparency of their operations and the mobilization of savings for the long-term financing of the economy. This is best illustrated by the 2007 finance law that introduced a reduced rate of corporation tax of 30 percent for companies that meet certain criteria such as opening their capital up to 20 percent of the stock market.

As a result of these tax reforms, revenues from taxes have increased significantly, from CFA 637.7 billion in 2004, to CFA 855.7 billion in 2010.

Ministers such as Cameroon's Deputy Minister of Finance, Pierre Titti, are quick to highlight this extra revenue is being put to good use, helping to alleviate poverty, encourage social progress, promote decentralization, support educational institutions, create employment, and boost certain sectors such as forestry and mining.

In a January 2012 report, the World Bank stated: "Cameroon's tax regime for small- and medium-sized enterprises will be simplified, allowing for deductions ... these measures are expected to reduce the tax burden faced by these enterprises and are hoped to foster their development."

(China Daily 09/25/2012 page18)