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Cameroon – UBO reporting requirements
In 2023, Cameroon introduced Ultimate Beneficial Ownership reporting requirements.
Consequently, companies are required to file annual declaration with Cameroon’s tax authorities each year.
In cases where there were no changes in UBO, a separate filing of the declaration will not be needed, however the company must complete a review of the internal UBO register.
In cases of a UBO change, companies have 30 days to update the information in both the internal register and file the update with the tax authority.
Practical procedures for UBO identification in Cameroon:
- Companies must appoint a person in charge or a service provider to identify their beneficial owners.
- The person in charge must verify the identity of the beneficial owners and retain the relevant information for five years after the end of the control relationship.
- The person in charge must also report to the Directorate General of Taxation any failure by beneficial owners or intermediaries to provide the necessary information or supporting documents.
The risk of non-compliance
For now, there are no prescribed penalties for the non-compliance.
