2020 Finance Law of Cameroon introduces a specific stamp duty of 25,000fcfa
The 2020 finance law of Cameroon has put in place a specific stamp duty to be issued on certain documents. The rate of this specific stamp duty shall be 25,000FCFA (approximately $42). On January 20, 2020, the Director General of Taxation, Mopa Modeste Fatoing, sent a letter to all Regional Chief of Centres for Taxation on the applicability of the specific stamp.
What is a stamp duty?
A stamp duty is a tax levied by the tax administration on documents and transactions. The rates differ (the latest being that 25,000FCFA stamp duty) depending on the paper size as well as the type of document or transaction. It can also be charged on certain transaction types like the selling of property, assets and cars.
In the CEMAC Region, of which Cameroon is a member state, a stamp duty is independent of registration fees. It is established on all documents used for both civil and legal measures (this includes documents that may be presented before a court of law). In Cameroon, it is collected based on the rules and regulations laid down in the General Tax Code.
Read Also: Fiscal Stamps to be Sold Online in Cameroon
The following documents will be subjected to the specific stamp duty:
- Claims and personal appeals
- Requests for suspension of payment
- Claims for compensation
- Reimbursement or restitution of taxes
- Claims for tax and abatement incentives
- Requests for tax transactions and approvals
- Application for authorizations to exercise a profession
In order for the Regional Chiefs to make this applicable, the DG of Taxation called on them to connect their machines to the central server in order to update their systems and integrate the system. This concerns CS200 machines only.
As for the IJ25 machines, the updates are supposed to be done manually on the site. Electronic cards have been fabricated and available at the Directorate General of Taxation for collection by those in charge.
It should be noted that no person other than the person commissioned by the Administration is supposed to use stamping machine. Anyone unauthorized individual using a stamping machine will pay a fine of 1 million FCFA the first time caught and 10 million francs if there is a subsequent offence. The penalty is without prejudice to criminal sanctions.
Need any of our services? You can get in touch with us through the following:
Email: info@openhub.site | Tel: +237 699 421 947 | WhatsApp: https://bit.ly/37ybhzz | Telegram: https://t.me/OpenHubDigitaI
Discover more from OpenHub Digital
Subscribe to get the latest posts sent to your email.