As March 15 approaches, many businesses get busy working on their statistics & tax returns, STR. Declaring your business revenue is done annually. In this case, the taxpayer is expected to submit a declaration of their business’ income during the period that served as tax base before March 15.
As said above, taxpayers are obliged to submit their business’ revenue declaration for the period before March 15 on a yearly basis. This must be done in conformity with the rules and regulations put in place by the OHADA (Foundation for a Unified Business Law in Africa) accounting system.
Taxpayers are also obliged to make available documents that are in conformity with what the OHADA accounting system has put in place. According to the Foundation for a Unified Business Law in Africa, businesses that are governed by the provisions of the OHADA commercial law must set up an accounting system for both internal and external use.
In Cameroon, they are businesses that fall under the simplified and actual earnings tax regimes. However, there are other businesses that have a turnover of less than ten million that are also obliged to set up an accounting system.
The annual reporting of the statistics and tax returns must follow the accounting system put in place by OHADA to all State parties. It has to be in conformity with the Uniform Act on the Organization and Harmonization of Company’s Accounting. Banks, insurance companies and other financial institutions are subject to a specific chart of accounts.
The statistics & tax returns is an integration of the various summary financial statements. These summary financial statements are declared at least once over a twelve months period. This 12 months period is called a fiscal year. These annual financial statements as they are called include:
However, the fiscal year can be longer than twelve months if the first fiscal year commenced during the second half of the year. The annual financial statements are inseparable and describes transactions that were carried out during the fiscal year.
If you need help in preparing your statistics & tax returns for the last fiscal year, don’t hesitate to get in touch with us with the details below. Don’t forget that the deadline for filing it is March 15.
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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.