Last week, we saw the various tax payment methods in Cameroon – over-the-counter payment, certified check, electronic and tax payment by bank transfer. You can easily make a transfer from your account to the government treasury account. It is also possible for you to deposit the amount at the bank counter into the government treasury account.
You can obtain the treasury account number from the bank or from the closest tax center around you.
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.
Tax payment by bank transfer
A bank transfer moves money from one person or entity to another using a bank provider. Tax payment by bank transfer in Cameroon will mean the taxpayer pays taxes, levies or dues from their account to that of the tax department (government treasury).
There are specific procedures to follow when you want carrying out tax payment by bank transfer in Cameroon. Let’s take a look at them below:
- You must fill out the details required by the tax department. The tax, levy, duty or fee must carry the identity of the taxpayer and the name of tax, duty, fee or levy paid for. This includes the 14-character unique identification number (UIN). You can find your Unique Identification number or create one if you don’t yet have. Your tax payment by bank transfer may be delayed if you use the wrong number and that may call for a penalty.
- The financial institution must issue a transfer certificate specifying the tax paid. The transfer certificate is issued to by the bank for confirmation of the bank transfer. Note that once you carry out tax payment by bank transfer, it becomes final once it has been processed. Need a bank account number? See what is needed to open a bank account in Cameroon.
- 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. This means the taxpayer is not required to do a bank transfer separately for each type of tax. Tax payment by bank transfer may also be delayed due to lack of funds in your account. You are advised to check if you have sufficient funds in your account in advance. Late payment carries fines and interests.
- The transfer certificate must bear the official stamp of the financial institution;
- A payment receipt will be issued to the taxpayer upon presentation of the transfer certificate at the tax office.
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 turns out to be unsuccessful.
Both the taxpayer and financial institution are jointly liable for payments made in the cases above. Make sure you verify that the above is respected when you do your tax payment by bank transfer.
Points to note:
- Indicate the 14-character Unique Identification Number (taxpayer’s number) and the name of the taxpayer
- Make sure you list all the taxes, dues or levies you want to pay
- Ensure your bank account has sufficient amount to cover the total to be paid
- Remember to collect a transfer certificate from the financial institution and deposit at your tax center against a receipt for tax payment issued by the tax officer
- Make sure the transfer certificate carries the official stamp of the financial institution
- Only one payment can be made for one tax entity at a time. You can’t make a lump-sum payment for many taxpayers with different Unique Identification Numbers
– How to obtain a taxpayer identification number
– How to register your startup in Cameroon
– A tax guide for limited liability companies in Cameroon
– Apply to Incorporate a Company in Cameroon
– How to open a corporate bank account in Cameroon
– How to open a bank account with Ecobank Cameroon
– How to open a corporate bank account with BICEC Cameroon
Checkout EDEF Ship Chandler – they provide the needs of vessels and vessel crew at the Kribi and Douala Ports in Cameroon
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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.