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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:
For now, there are no prescribed penalties for the non-compliance.