Most small business owners focus on their sales as well as acquiring more customers. They rarely take time to think about taxes. They forget to know that there’s a shareholder in their business that comes in every 15th of the month (Cameroon) to take part of it’s share of the profit.
The government of Cameroon is a 30% shareholder in every registered business in Cameroon. It may be funny, but that’s exactly what it is. Each business gives back 30% of it’s income to the government in the form tax. The tax rate in Cameroon is 30% and an 3% additional council tax that rounds it up to 33%.
Many small businesses make a mistake by paying little or no attention when it comes to taxes. They wait for the last days to prepare for it. Small businesses fail to know that as they carry out activities, they make mistakes that make them paying more taxes, initiate tax penalties or even invite a tax audit.
Don’t procrastinate or give attention to your tax issue only at the beginning of a new financial year (very common). There are many business owners out there who visit the tax office only at the beginning of a new financial year just to renew their fiscal documents. They are faced with penalties which are uncalled for.
As a small business owner, you have to be proactive and diligent when it comes to your business’ taxes. It will help you uncover more ways to increase deductions and reduce the taxable income. Make sure you take part in our next #KnowYourTaxLaws session to know more about these tax mistakes small businesses make.Call: 237 668 921 657 / 237 655 242 783 orEmail: firstname.lastname@example.org
Tax mistakes made by small businesses can cost them a lot of money which they need to grow. You may end up owing taxes, fines or penalties and even invite a tax audit. The best way to avoid these is to be on the offensive and not not making errors that will drain your money and avoiding penalties.
Make a rendezvous with us on April 27, 2019 for another session of #KnowYourTaxLaws where we will look at some tax mistakes small businesses make. The trainer, a sworn Tax Officer will select some of the common mistakes that taxpayers encounter at the tax office and how they can be overcome.
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