According to a report, Cameroon pays the highest tax among African countries Also, Nigeria’s corporate tax of 30% indicates one of the highest in Africa

The corporate tax rate is a significant source of revenue for governments around the world. Globally, corporate tax rates vary and reflect the distinct economic requirements of every nation. It is a charge that the government levies against a company’s income. Its amount is determined by the net profits businesses make from operating their businesses, often over one fiscal year.

Tax in Africa Nigeria’s corporate tax rate is one of the highest in Africa and Tax rates in Africa is less competitive. Natural resource-rich nations, for instance, frequently derive the majority of their tax revenue from high corporate taxes on oil and natural gas corporations, allowing other industries to thrive in a setting with comparatively low taxes.

Despite having some of the least competitive tax rates of any continent, Africa has a lot of variety among the various nations. Nigeria’s corporate tax rate is among the African countries with the highest paid corporate income tax. According to Legit.ng’s earlier report, Nigeria’s 2022 Finance Act, which became effective January 2023, contains a lot of new taxes. The move to implement five new taxes covering telecom, beverage, and car was perceived as wrong timing by experts.

Meanwhile, Cameroon ranks number one on the list of countries with the highest corporate tax as compiled by OnDeck, according to a Business Insider report. Countries are listed as follows:

Cameroon – 30.8% Cameroon now ranks among the nations with the highest corporation tax rates after its company tax rate rose to 30.8% and stayed there ever since.