The Benefits of Filing Early: Why It Pays to Start Your 2023 Statistical and Tax Returns Now
We know filing your taxes can be a daunting task, but it doesn’t have to be. That’s why we believe starting to prepare your 2023 Statistical and Tax Returns now can be a great way to save time and money.
From avoiding stress and catching errors to getting a head start on preparing for the future, there are plenty of reasons why filing early can be a great decision. So, let’s get started and see why filing early can be a great investment.
2023 Finance Law Changes
Before we go to the benefits of filing early, it’s worth noting that the tax code in Cameroon has experienced some alterations in the 2023 Finance Law. A key alteration is the reduction of the corporate tax from 28% to 25% for businesses with a turnover of XAF3 billion francs or less.
It’s important to also remember that the new 25% corporate tax rate will be in effect for the 2022 fiscal year. So, when you are preparing your 2023 STR, make sure you use 25% instead of 28%.
Also, don’t forget that the deadline for filing tax returns in Cameroon is March 15th of each year, for the previous financial year.
In this blog post, we’ll explore the benefits of filing early.
Benefits of filing your 2023 statistical & tax returns early
Filing your statistical and tax returns (STR) can be a daunting task, but it’s important to get it done on time. Filing early can benefit you in more ways than one. Here are just a few of the advantages that come with filing early:
1. Avoiding potential penalties
If your tax return is not prepared in time, there is a chance that you could face a penalty.
If you’re hoping to save money on your tax returns, you may want to consider filing them early. Below are a number of penalties that are associated with filing your returns after the deadline:
- If you are a taxpayer and you receive a formal notice to declare your taxes, you should do so promptly or you may face an increased tax bill of up to 150% of the original amount.
- Additionally, a fixed fine of XAF1,000,000 will be imposed if you file a return showing nil tax or a credit.
- In addition to the above, if you miss the deadlines, there is non-negotiable fixed fine in place as follows for companies under the
- The Large Tax Unit: XAF5,000,000
- Medium-sized Enterprise Taxation Centers and Specialized Taxation Centers: XAF1,000,000
- Divisional Taxation Centers: XAF250,000
Filing or forwarding your statistical and tax return within the deadlines provided for by the law is important and it’s worth taking the time to do it right. It will save you from having to pay the extra fees.
2. You Have More Time to Prepare
Filing your STRs requires you to gather information such as invoices, expense receipts, payroll, and other tax documents. By starting early, you’ll have more time to track down all the necessary documents and compile them properly.
3. Avoiding last-minute stress
By filing your returns early, you can avoid the stress and anxiety that come with finishing up your taxes at the last minute. Filing early will give you peace of mind and assurance that everything is in order so that you don’t miss any important deadlines.
4. Reducing the risk of errors
Errors on your tax forms can be costly and time-consuming to fix. By filing your returns early, you can make sure that everything is filled out correctly and that any mistakes are caught and corrected before it’s too late.
The sooner you start, the more time you’ll have in the future to plan your strategy, research, and make adjustments as necessary.
You will need to keep meticulous records to ensure that you are making the right deductions and allowances.
You may find it useful to consult an expert before getting started. This will ensure that your return is complete and accurate and that you are not missing any deductions that you are entitled to.
5. Spending more time on other tasks
Filing your returns early can help take some of the burden off your shoulders. Not only can it help to avoid the last-minute rush, but it can also give you more time to concentrate on other activities, such as marketing, planning for the future or investing in your business.
6. You Can Get Professional Help:
If you’re unfamiliar with the process of filing your STRs or need help filling out the paperwork, there are many professional service providers available to assist you.
At OpenHub Consulting, we make filing your 2023 Statistical & tax returns in Cameroon easy. Our knowledgeable and experienced team will work with you to make sure that your returns are filed correctly and on time.
We’ll make sure that all of the necessary forms are filled out and that your deductions are maximized so that you receive the maximum refund possible.
Don’t wait until the last minute to file your 2023 STRs in Cameroon. Get a head start by filing your returns early. Contact OpenHub Consulting today to learn more about the benefits of filing your returns early.
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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.