VAT on life insurance contracts in Cameroon

The Cameroonian government has abandoned the introduction of the Value Added Tax (VAT) applied to life insurance contracts. Indeed, the Ministry of Finance's circular on 2020 financial guidelines has removed VAT for life insurance contracts and commissions with a view to promoting savings.

As a reminder, the Ministry of Finance had introduced, in the Finance Act 2019, a VAT of 19.25% on life insurance contracts. The tax was never applied because of the insurers' protest.