March 15 is the deadline for those liable to corporate tax in Cameroon to file a tax return. If you never had a clue, then you need to know from now that Tax Day in Cameroon is March 15 every year.
I have seen people who have skipped filing a tax return once (most at times out of ignorance) and get stuck not filing every year. They are afraid of the penalties they will incur. You can’t be adding salt to a wound. Get in touch with us if this is your case.
Last week, we saw what happens when you have omissions, inadequacies or inaccuracies that affect your tax base. Let’s see what happens when you fail to file a tax return in Cameroon.
Once a taxpayer fails to file a return after a notice to declare,they may be liable to an arbitrary assessment by the tax authorities. In addition to this, the taxpayer shall have a 100% penalty for not filing on time. This penalty can be increased to 150% if there is any other offense.
In addition to that, interest in arrears will be added in case there are inadequacies in the declaration like we saw in last week’s newsletter. The ceiling amount of the interest in arrears is fixed at 50%.
In some countries, where you don’t file nil on time doesn’t carry penalties. That is not the case in Cameroon – if you owe zero in taxes and you don’t file a tax return on time, you will be penalized.
Filing a tax return with zero taxes owed after an official notice in Cameroon carries a fine of XAF1 000 000 (one million francs). Failure after an official warning has been issued with set deadlines shall give rise to a XAF1,000,000 (one million francs) fine also.
If taxes are the last thing on your mind presently, then you’ve been doing the right thing. If it is not, no need to panic. The world wouldn’t end if you didn’t file a tax return on time. However, there can be some financial consequences if you didn’t do it on time.
Get in touch with a tax advisor of your choice and they will help you work things out. You can also checkout our services!
Next week, we will see what happens when you don’t file or forward your statistics and tax return within the deadlines provided by the law.
You can apply for an extension with the chief of your tax center if you need more time to file a tax return. This must be done before the fixed deadline of March 15. That not done, you can get into a real time battle with the tax officials with penalties and interests.
However, it is very important to know that filing a tax return on time is the most important thing you can do for your business. Either you file your corporate tax before the end of Tax Day (March 15) or you file for an extension.
Don’t hesitate to get in touch for any inquiries.
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.