Conditions to pay your taxes in Cameroon through bank transfer and cash deposits in a bank.
It’s tax payment time and you have payments to make after declaration. What do you have to do?
The tax payment procedure has seen a lot of modifications in Cameroon due to the reforms that have been carried out in recent years.
According to a circular by the Minister of Finance, Louis Paul Motaze, “the reforms are aimed at simplifying procedures and improving the quality of services rendered to taxpayers on the one hand, and improving the security of revenues collected on the other hand”.
The 2021 Finance Law came with some modifications in the medium used to pay taxes. There are on two methods available as seen below:
If you are taxpayers under the large tax department, you are obliged to pay your tax, duty, levy or fee by electronic transfers.
When payment is done through electronic transfer, the date of payment is considered the date of entry of the amount credited to the Unique Treasury Account in Central Bank.
A fee of not more than 10% of the amount of tax to be paid when using any of the methods with the minimum and maximum amounts at 500FCFA and 10,000FCFA respectively.
– If the 10% fee charged is less than 500FCFA, the taxpayer will pay the minimum rate of 500FCFA.
– If the 10% fee charged is more than 10,000FCFA which is the ceiling level, the taxpayer will pay the maximum rate of 10,000FCFA.
Sanctions will be placed on financial institutions that do not adhere to the tariffs put in place.
You need to follow specific procedures put in place by the tax administration when paying your taxes through bank transfer or cash deposit at a bank.
Before you pay your tax at the bank, you need to make sure you fill out the details required and identify the tax, duty, levy or fee you want to pay. It must also carry the unique identification number of the taxpayer.
The bank or microfinance where you pay your tax has to issue a transfer certificate that specifies the tax, duty, levy or fee paid to confirm the payment.
After payment is done, the taxpayer will have to deposit the transfer certificate at the tax office and a payment receipt will be issued.
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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.