Brief: What OpenHub Digital has been up to in the first quarter of 2019.
I have been busy talking about taxes for the past months that I even forgot about the small business tips I usually give. It’s been necessary as we need to know some tax basics in order to do business in Cameroon with ease.
To encourage business owners and young entrepreneurs be more aware on what the tax laws of Cameroon say, we offer monthly #KnowYourTaxLaw training workshops. You can check on us to know more about the next session. Our next session will be on April 27, 2019 with theme Your Taxes Should Not Sink Your Business.
This 2019 ushered in a new Finance Law for Cameroon that brought in many changes. I shared with you some tips on the 2019 Finance law of Cameroon in one of my posts. We also touched some major changes like the Section 12 (3) of the General Tax Code of Cameroon which tells us about the activities not to be subject to withholding tax. The main change was seen in the exemption for local purchases on petroleum products by marketers.
One other major modification I shared with you was how fraudulent or misappropriated funds are treated by the tax administration. Section 7 (C) of the General Tax Code of Cameroon saw a slight modification on the deductibility of losses on items of fixed or realizable assets.
The law which allowed for these losses to be deductible from profit has now given an exception. Losses that result from misappropriated funds by a partner or manager of a business shall not be deductible from profits. This also includes misappropriated funds as a result of negligence on the part of managers.
I also wrote on what you need to know about income tax declaration in Cameroon. Tax day in Cameroon falls on March 15 which is the deadline for businesses to submit their Statistics and Tax Return (STR) files. I know many will not know what I am talking about because people are used to the French acronym of DSF (Déclarations Statistiques et Fiscale).
If you have to pay your taxes, you need to also know the various options available to pay taxes in Cameroon. I elaborated on that by touching in details what you need to know about paying taxes through bank transfers.
As a business where I get most of my customers online, I usually have this doubt from my clients or would-be-clients of whether I could just be another scam. This is because many have been duped of large sums of money from online scams. This has made many to be very cautious on carrying out activities online.
I don’t blame them at all. What they should know is that my blog is out to fight such people who kill genuine business prospects from investing in Cameroon. To help reduce this, I wrote this post where I explained how to avoid getting caugth out by online scams in Cameroon. It is just one of the ways you can help ascertain who you are dealing with.
Did you know that you can pay some taxes in cameroon using Mobile Money? Yes, it is possible to do that. However, not all taxes can be paid using this means. For now, you can pay your property tax in Cameroon using Mobile Money. The 2014 Finance Law instituted the Mobile Tax payment option which went effective in 2014 with the possibility of paying property tax using Orange Money and MTN Mobile Money.
You must have seen a new contributor on OpenHub Digital. Angela Carine Essouma joined us as an intern in charge of our fashion space. Carine is an entrepreneur, fashion enthusiast, content writer, translator (English to French, Italian to French and French to Italian) and social media marketer. She obtained her training as a digital marketer with us at the OpenHub Digital Academy. Carine knows how to develop business ideas. She says “tell me your business idea and you get a remarkable business plan!” Yes, she is good at writing business plans. Carine, you are welcome to join us encourage entrepreneurship in Cameroon. You can check her social links below:
I wrote here once about 8 businesses you can start with no capital in Cameroon. It is very possible and I mean it. I recommend what is doable and some of which I have tried or actually doing it. However, I will be sharing with you in the coming days how you can make money using one of the business models I proposed – Dropshipping.
Don’t bother about money money money. I still stand on the fact that you need money to grow some business. You can start a good business in Cameroon with no capital. You just need to be committed and passionate in what you are doing.
Keep checking this blog because I will be guiding you on how you can make money in Cameroon without having any stock, warehouse or capital to start. The only requirement you will be needing is your phone (which I presume most of you will be reading this from now), a laptop or desktop. If you don’t have any, you can still do this in a cyber. Internet is very necessary for such a business to be carried out.
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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.