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.
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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.