The Finance Law 2024 specifies the selected sectors where the electronic invoice tracking system applies as well as the scope of application of electronic certificates. This system will be used by the tax administration to monitor expenses deductibility, VAT, withholding taxes and automobile stamp duties.
The other tax administration measures include the following:
- introduction of the possibility for the Minister of Finance to authorize certain entities to collect excise duties on minerals and income tax from companies engaged in semi artisanal mining;
- introduction of an automatic transmission to the tax administration of internal audit reports and inventories listed at court registries;
- digitalization of tax clearance certificates and reinforcement of their scope;
- extending transfer pricing documentation to add the list of beneficial owners of intangible assets and strengthening the penalties for failure to declare;
- introduction of automatic exchange of financial information as well as identification of beneficial owners of bank accounts;
- adjustment of the deadline for filing of annual financial statements and payment of income tax balance from 15 March to:
- 15 April for taxpayers registered with the Medium-Sized Taxpayers Department and other Specialized Tax Departments; and
- 15 May for taxpayers registered with the Small Taxpayers Department;
- introduction of partial tax collection during audits, where the taxpayer has already acknowledged liability. An additional tax collection notice is issued at the end of the audit procedure;
- reduction of the time limit for the procedure for suspension of payment before forceful tax recovery from 15 days to 8 days after notification of the decision or, where no decision has been issued, after expiry of the time limit by the tax administration;
- introduction of a transaction procedure for settling tax claims issued before 31 December 2022, subject to deposits;
- strengthening penalties relative to failure to declare, failure to exchange information and failure to issue electronic invoices for companies subject to this obligation; and
- exemption from penalties for voluntary disclosure concerning taxpayers' assets located or income derived outside of Cameroon.
Source: IBFD Tax Research Platform news