Cameroon is projected to produce 5.6 million cubic meters of wood in 2024, according to the Central Bank of Central African States (BEAC) monetary policy report. This amount accounts for 47% of the total production from the six CEMAC countries. This is an increase from 38% in 2022. However, this growth comes at the expense of Congo and Gabon, where wood production is expected to decline by 44% and 12.7%, respectively, compared to 2022.
The anticipated performance in Cameroon’s wood sector reflects strong interest from operators, even as tax burdens increase. To prepare for the eventual ban on log exports, set to be phased in by CEMAC countries and the Democratic Republic of Congo starting in 2025, Cameroon has been gradually raising taxes on log and lumber exports for nearly a decade.
From 2017 to 2023, for instance, the exit tax on logs increased from 17.5% to 60%. This series of tax hikes, detailed in various finance laws, represents a total increase of 343% in log export taxation. In the 2024 finance law, this exit tax rose further to 75% of the value at the Free on Board (FOB) stage. The …
Source link
