The Cameroon Finance Act 2024 introduces a tax exemption scheme targeting renewable energy and drinking water production equipment. It aims to mitigate the nation’s energy shortfall and boost rural electrification.
Effective from January 2024, this exemption spans 24 months, offering an opportune window for entities to procure cost-effective clean energy tools. It also facilitates access to essential resources like water treatment equipment, aiding impoverished Cameroonians in accessing clean water.
Also, the Finance Act 2024 will help the nation exploit renewable resources like turbines to create hydroelectric power. For instance, the government aims to support small hydroelectric power stations that do not exceed 1000 KW, helping the nation exploit its vast river resources.
Some exemptions favor solar energy investments, with the government giving a zero rate on various equipment. They include panels, control units, photovoltaic cables, and electricity storage equipment.
Other African countries should take Cameroon’s example and minimize restrictions on renewable energy investments. This will help accelerate the journey to net-zero emissions by 2050 and improve the lives of Africans.
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