VAT Credits: Paul Biya Calls for Faster Refunds in 2027, with CFAF 84 Billion Planned

In a circular signed on October 12, 2026, on preparation of the state budget, Paul Biya called on the government to repay companies’ VAT credits as quickly as possible in 2027 to protect their cash flow. The 2027-2029 Economic and Budgetary Programming Document nevertheless provides CFAF 84 billion for the refunds, the same amount as in 2026. From January to March 2026, the Treasury repaid CFAF 11.1 billion, down 45.7% from CFAF 20.4 billion in the same period of 2025. By the end of March, refunds amounted to 13.2% of the annual allocation.