Tax Payment by Bank Transfer in Cameroon

Last week, we saw the various tax payment methods in Cameroon – over-the-counter payment, certified check, electronic and bank transfers. Let’s see what happens when we us the latter – bank transfer.

Tax payment by bank transfer

Once you pay your tax, you are issued a receipt which is exempted from stamp duty. In the case where you make an over-the-counter payment at the tax office, your receipt is issued immediately. See also the introduction of a XAF25,000 specific stamp duty in Cameroon.

However, when it is done by bank transfer, there are specific procedures to be followed. Let’s take a look at them below:

• The tax, levy, duty or fee must carry the identity of the taxpayer and the name of tax, duty, fee or levy paid for;
• The financial institution must issue a transfer certificate specifying the tax paid.
• In case there are several taxes, the transfer certificate should carry a summary of all the payments per type of tax, duty, fee or levy paid;
• The transfer certifcate must bear the official stamp of the financial institution;
• A payment receipt will be issued to the taxpayer upon presentation of the transfer certificate when filing returns at the tax office.

Tax Payment date

The date on the transfer certificate is considered the payment date. In this case, a penalty and interest will be applied on transfer certificates that are dated beyond the deadline for payment. This goes same with cases where the transfer turned out to be unsuccessful.

Both the taxpayer and financial institution are jointly liable for payments made in the cases above.

Let’s take a rendez-vous next Saturday to see what happens when you fail to pay your tax or fail to pay on time.

Sponsored Content

Checkout EDEF Ship Chandler – they provide the needs of vessels and vessel crew at the Kribi and Douala Ports in Cameroon

Do you had IT challenges for your business? Gsultancy provides you with a strategic technology road-map that will examine and assess various technologies (current and newer options), and advise you on the best options for your business.

Recently on our blog

Apply to Incorporate a Company in Cameroon

Tax Payment methods in Cameroon

Procedures to Open a Corporate Bank Account with Ecobank

It could be of interest to you

Google announces 100,000 scholarships for online certificates in data analytics, project management and UX