limited liability company registration in Cameroon
How to start a limited company in Cameroon
September 20, 2021
mistakes you must avoid when starting a business in Cameroon
7 mistakes you must avoid when starting a business in Cameroon
September 23, 2021

Company tax assessment period in Cameroon

Company tax assessment period in Cameroon

Company tax assessment period in Cameroon

The taxable income as well as the income tax in Cameroon are determined based on the income from the preceding year. For example, the income earned during the 2021 financial year will be taxed in 2022.

In the above case, the year of assessment for 2021 financial year is in 2022 and the taxable period is 2021.

Income tax assessment period

In Cameroon, the basis period is 12 months and in line with the calendar year. This means, the fiscal year begins on January 1st and ends on December 31st.

Need traffic ? Visit-Easy offers you the opportunity to do it for free !

The company tax is assessed on profits realized within the 12-month period. However, there’s an exception to this rule when it comes to tax assessment period in Cameroon.

Businesses that are registered or start their activities within the last six months to the closing of the fiscal year may come up with their first balance sheet at the end of the following financial year.

In this case, the successive balance sheets drawn up is added together for assessment in the following financial year.

 

Important

  • The accounting period for corporate tax is the time covered by the company statistical and tax returns.

  • Statistical and tax returns in Cameroon are usually due on March 15 of the following year for the previous financial year.

  • The tax year or tax period refers to the 12-month period covered by the tax return.

  • Individuals and businesses subscribed to corporate tax are subject to a tax year that begins on January 1 and ends on December 31.

  • The tax year maybe longer than 12 months in case the business starts activities within the last 6 months to the end of the tax year.

  • The accounting period in Cameroon is the same as the financial and calendar year.

  • The financial year is the year in which income is earned, and the assessment year is the year the income is assessed for statistical and tax returns filing and taxes paid.

  • Any confusion on the year of assessment may lead to untimely delay in filing your tax return. This will lead to penalties from the tax administration.

 

 

How can we help you?

  • We can help you prepare the tax computation and file in your statistical and tax returns to the tax administration within the right year of assessment.

  • We can assist you to file your monthly advance tax on time and in accordance with demands from the legislator.

If you find out that this post helped you, make sure you share with others. Many businesses suffer from lack of this knowledge.

You can also leave a comment below for any contribution or questions. Use the contact below in case you need any of our services.

Author

  • Content Writer / Blogger | Small Business Coach | Branding Expert | Entrepreneur| Dad Kermann Lobga is a copywriter, results-oriented digital marketing professional and an entrepreneur with more than 14 years of experience.

You can get in touch now!

Email: info@openhubdigital.com | Tel: +237 699 421 947 | WhatsApp | Telegram

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.

 

Openhub Digital - Company Incorporation in Cameroon
Kermann Lobga Derick
Kermann Lobga Derick
Content Writer / Blogger | Small Business Coach | Branding Expert | Entrepreneur| Dad Kermann Lobga is a copywriter, results-oriented digital marketing professional and an entrepreneur with more than 14 years of experience.

Leave a Reply

EnglishFrench
%d bloggers like this: