March 15 is the last day to file in your tax return in Cameroon
Taxpayers have to declare their taxes on or before the 15th of each month for the previous month. See other tax tips for those have businesses in Cameroon
Every registered business in Cameroon has a unique number called the Single Identification Number
Taxpayers are obliged to file in their tax return in Cameroon for every income earned in their business during the period that served as a tax based. The deadline to submit your tax return in Cameroon is March 15.
This means that every business must be preparing to do so by now in other not to miss the deadline which will be on Friday, March 15 2019. Failure to do so will call for penalties.
Don’t hesitate to get in touch if you need help in preparing your tax return file
A tax return is a form or forms that taxpayers file with the tax authority yearly showing reports of their incomes, expenses and other information necessary to the tax authority. The tax return form guides the taxpayers in calculating tax liability and request for refunds in the case they have overpaid during the monthly declarations.
Tax returns in Cameroon are filed annually but taxpayers that pay the business license tax are supposed to declare their taxes monthly on or before the 15th of each month. This helps to reduce their tax burden when filing in their tax returns at the end of the year.
When filing your tax return in Cameroon, you need to take into consideration the following:
Income – that lists all the sources of income of the taxpayer
Deduction – which in effect reduces the tax liability and
Tax credit – the amount which offsets the tax owed
After the above three are reported, the taxpayer then knows what to pay as tax owed or what has to be brought forward tax overpayment. In Cameroon, overpaid tax is usually sent to the next fiscal year.
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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.