Petroleum Fiscal Regimes and the Law in Cameroon
Keywords:
Petroleum, fiscal regime, upstream petroleum, downstream petroleumAbstract
This article is aimed principally to examine the fiscal regimes that exist in Cameroon’s petroleum industry. To attain this objective, the doctrinal research methodology was used consisting of primary and secondary data. The findings of this study shows that despite the existence of a petroleum fiscal regime that attracts investors in this area of the economy, high taxes, complexity of the petroleum fiscal laws and irregular publication of oil company’s revenue data are challenges to effective implementation of the fiscal regimes in Cameroon’s petroleum industry. In this light therefore, the researcher recommends a reduction of petroleum taxes, simplicity of tax compliance procedures and regular publication of oil companies’ data as measures to overcome the above mentioned challenges.
References
A fiscal regime is the set of instruments or tools (such as taxes, royalties and state equity) that determines how the host government and investors share the rents from hydrocarbon projects.
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Section 102 of the 2019 Cameroonian Petroleum Code.
Bob, P., (2016), Op. Cit, note 7, P. 4.
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Section 103 of the 2019 Cameroonian Petroleum Code.
Section 104 (1) of the 2019 Cameroonian Petroleum Code.
Ibid, Section 104 (2).
Ibid, Section 107(1).
Ibid, Section 107(2).
Section 107 (3) of the 2019 Cameroonian Petroleum Code.
https://www.gov.uk/government/uploads/system/upload/attachment date/file/237131/Cameroon Doing Basiness Guide pt2 (Lastly Accessed on 5thMay, 2022).
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This tax is payable each calendar year on 31st January of the year based on the statements of liquidation established by the administration in charge of Mining directly and spontaneously when the tax payer files its returns to the tax administration.
Section 109 of the 2019 Cameroonian Petroleum Code.
Hereinafter referred to as STPP.
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Section 229(2) of the 2021 Cameroonian GTC.
Section 230 of the 2021 Cameroonian GTC.
Ibid, Section 330 (a).
Ibid, Section 331.
Ibid, Section 232.
Ibid, Section 235 (1).
Ibid, Section 235 (1) (a).
Section 235 (1) (b) of the 2021 Cameroonian GTC.
Ibid, Section 237 (1).
Ibid, Section 126(2).
Ibid, Section 110(1).
Ayesha, B., (2015), Op. Cit, note 32, P.32.
Section 114 of the 2019 Cameroonian Petroleum Code.
Ibid, Section 115.
Section 116(5).
Ibid, Section 116(4).
Ibid, Section 128(1) (a).
Ibid, Section 128 (1) (b).
Ibid, Section 128 (2).
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Section 129 (1) (b) of the 2019 Cameroonian Petroleum Code.
Ibid, Section 118(1).
Ibid, Section 115(1).
Ibid, Section 119.
Ibid, Section 102(3), Para 2 of the 2019.
Section 129(c) of the 2019 Cameroonian Petroleum Code.
Section M 97of the 2021 Cameroonian GTC.
Ibid, Section M 98.
Ibid, Section M 99(1).
Ibid, Section M 99(2).
Section 132(2) (i) of the Petroleum Code.
Ibid, Section M 106(1) of the 2021 Cameroonian GTC.
Section 132(1) of the Petroleum Code.
Section 140 of the 2021 Finance Law.
Ibid, Section 141.
Ibid, Section 142.
Section 145 of the 2021 Finance Law.
Ibid, Section 146 of the 2021 Finance Law.
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Ibid, Section M 111.
Ibid, para 1.
Ibid, Section M 111, Para 2.
