Page 337 - Atouts-Cameroun-2017
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337The CFA Francs is linked to euro at the rate of 0.001525 euro for a CFA francINCOME TRANSFER:Transfers from payroll income of non-residents are tax free based on the principle of non-applicability for the exchange regulations within CEMAC zone on the rules of current transactions provided the non-residents present a payslip or work contract.Foreign resident wage-earners are free to transfer a quota of their net salary out of the CEMAC zone provided they present their payslips, considering that all requests for justifiable trans- fers geared at addressing family needs will be satisfactory. Transfer of income out of the CEMAC zone in the form of profit, dividends, interests, dues etc... by non-residents are equally free provided the basic transaction was authori- sed or is not submitted to an authorisation.This implies while respecting the laws and regu- lations governing exchange and bank opera- tions, the states guarantees the freedom to trans- fer beyond the national territory, funds which cor- respond to normal and current payments of fur- niture and services delivered specifically in the form of dues or other rewards.All non-member states of CEMAC are considered as foreigners while any entity is also said to be resident if and only if, it’s major economic centre is located within the CEMAC zone.Nonetheless, residents of other Franc zones are assimilated to the CEMAC countries but for the treatment of gold related operations, certain loans and direct investments and operations that relate to the foreign real estate value alongside operations of exportation and return of their profits.ACCOUNTS ACCESSIBLE TO FOREIGNERS:Opening foreign accounts in CFA Francs to the benefit of non residents is free of charge in the CEMAC zone. Approved intermediaries can open accounts in response to a written request of the non-residents provided these intermediary inform the monetary authorities.Credit and debit operations of foreign account in CFA Francs are transacted without prior authori- sation. These accounts can not be overdrawn.Opening of foreign accounts in foreign currency for non –residents is free in the CEMAC zone. The credit and debit operations of these accounts are free and cannot be overdrawn.FOREIGN CURRENCY ACCOUNTS AND FOREIGN ACCOUNTS:Non- residents can open a foreign account with an approved intermediary whose currency is freely convertible into other currencies. As crediting a foreign account in Francs CFA is equal to a pay- ment in another currency. Actually foreign accounts are reserved exclusively for diplomatic missions, international organisations and their workers.CONVERTIBLE TERM ACCOUNTS:(forward hedging)Financial payments on import and exports must be done through the intermediate of a paying bank with a status of an approved intermediary. These pay- ments must give rise either to the sales or purchase of currency in the exchange market or a credit or debit from foreign account in CFA Francs.The payment can be done either by opening a documentary credit or by coverage of exchange term. Once the documentary credit is opened and the planned funds are in foreign currency, this cur- rency can only be requested eight days before the effective shipment date of the goods. The transfer can be done as soon as the foreign bank from whom the loan was raised acknowledges receipt the shipment documents to the paying bank.The covers of exchange term maybe lodged to the regulations on the basis of a non-exhaustive list and as per the request of importers.The importer must open a domiciliation file with an approved intermediary in addition to atta- ching three personally verified legally certified copies of the commercial contract.SPECIAL ACCOUNTS:(Special import and export cases)This special cases of import and export mainly concern gold, container import and supply contracts. Gold can be freely bought, held or sold in the form of jewellery by residents.LES ATOUTS ECONOMIQUES DU CAMEROUN

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