Brief: Know which elements are tax deductible or are supposed to be reintegrated into the taxable income.
The pain is great when you realize that you forgot to include a tax deduction that would have reduced your taxable income or reduce your tax bill. The pain is greater when you realize you didn’t even know it was tax deductible or worse still have been adding it into your taxable income for a while.
Obviously, the above happens and is very common with small businesses who rarely take the services of professionals to carry out their tax audit before filing their returns. To know what to deduct, understanding which deductions have stayed or those that have change is very critical for every small business.
Taxpayers need to be able to separate legitimate deductions from those that may trigger a not-so-good response from the tax authorities in Cameroon. They need to know which is tax deductible or not.
When we talk of tax deduction, we mean those things or ways that a taxpayer can help reduce the amount of income that a tax is supposed to be levied on. We should not confuse it with tax credits which also reduces the amount of money a taxpayer has to pay as tax.
One of the most important changes for tax deductibility or not in the 2019 Finance Law is seen in the treatment of losses arising from misappropriated funds. Section 7 (C) of the General Tax Code has been modified to clarify the non-deductibility of funds associated with fraud, misappropriation or embezzlement.
It in this vain that we have organized a training workshop on April 27, 2019 to help entrepreneurs, accountants, business persons and all individuals interested to be able to know which is tax deductible or not when preparing to file your tax returns.
I am therefore inviting you to take a rendezvous with us on April 27, 2019 for another session of #KnowYourTaxLaws where we will look at some of the problems faced by entrepreneurs when it comes to paying their taxes.
For more information:
1. What does the 2019 Finance law got for small businesses?
3. What happens when you don’t register your business?
4. Bonus: How to fill the new DSF form as well as how to file in your tax online.
Check out more about the topics on Your Taxes Should Not Sink Your Business
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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.