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.
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 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.