Accounting Obligations for Businesses Under the Comprehensive Tax

While the comprehensive tax system in Cameroon simplifies tax compliance for small businesses, accounting obligations still apply—especially for businesses with turnover above 10 million FCFA.

Proper bookkeeping ensures accurate tax reporting and compliance with fiscal regulations.

It is essential for businesses to meet up with their accounting obligations to avoid penalties and stay financially stable.

Who Needs to Maintain Accounting Records?

Businesses under the comprehensive tax system must maintain records if:

• Their turnover exceeds 10 million FCFA.
• They engage in commercial, industrial, or professional activities requiring financial statements.
• They seek business loans or government contracts, which often require proof of financial stability.

Accounting Requirements for Businesses Under Comprehensive Tax

Businesses meeting the above conditions must:

1. Keep Proper Accounting Books – Maintain financial records in compliance with OHADA accounting standards.
2. Track Turnover Accurately – Annual revenue must be declared truthfully to determine tax liability.
3. Ensure Transparent Transactions – All business income and expenses must be documented.
4. Retain Tax Receipts & Supporting Documents – Required for audits or tax verification.

For details on compliance, check tax-non-compliance-penalties.

Consequences of Not Keeping Proper Records

Failing to maintain accurate accounting obligations can lead to:

• Fines of up to 1 million FCFA.
• Increased scrutiny from tax authorities.
• Inability to transition smoothly to the actual earnings tax system if turnover exceeds 50 million FCFA.

How to Stay Compliant

✅ Use Professional Bookkeeping Services – Hiring an accountant or outsourcing to experts ensures compliance.

✅ Leverage Accounting Software – Digital bookkeeping reduces errors and simplifies tax filing.

✅ Keep Records Updated – Regular updates help prevent discrepancies and ensure smooth audits.

For professional accounting support, visit OpenHub Consulting’s Accounting Services.

Even under the simplified comprehensive tax system, maintaining proper accounting obligations is essential.

Businesses with turnover above 10 million FCFA must comply with accounting requirements to avoid penalties and ensure seamless operations.

For more insights, check:

• comprehensive-tax-eligibility
• quarterly-tax-payments-made-easy

For expert guidance, explore OpenHub Consulting’s Business Consulting Services.