Скачать или смотреть CHANGES TO ARTICLE 21 - CAMEROON FINANCE LAW 2019,TAX IN CAMEROON, CAMEROON TAX

FINANCE LAW 2019, CHANGES TO ARTICLE 21 OF THE GENERAL TAX CODE

Hello Viewers thanks for watching. this video is the second episode to changes the cameroon finance law 2019 brought to the general tax code.
You might want to watch the previous episode to have a follow through and proper understanding of the finance law 2019. I have added the link of the previous episodes to the description box below. Just check it out after this video.... As usual we shall be happy to send you a copy of the finance law if you simply drop us a comment below with your address.

EPISODE 1    • 2019 FINANCE LAW IN CAMEROON,BUSINESS IN C...  

in this video we shall look at the changes to articles 21 as per the finance law 2019, this section of the tax code generally deals with the payments of company taxes.

Now lets look at the changes to article 21 subsection 3

before looking at article 21 subsection 3, it would be important to note that article 21 stipulates the rates and payment modalities of advance company withholding tax. it generally states that companies in the actual earnings tax system are required to pay their advance company tax on or before the 15th of every month. for companies in the actual earnings tax system or regime reel in french = they are suppose to pay 2.2% of their turn over , and for companies in the simplied tax system or regime simplifier, 5.5% of turn over. If you want me to cover this topic in greater details then drop a comment below and I will do a video just for that. lets look at the exact changes to subsection 3 of this article.

subsection 3 of this article talks about transactions that are susceptible to with holding tax or not and in the finance law 2019, the below transaction will not attract with holding tax as from january 2019.

LOCAL PURCHASES OF PETROLEUM PRODUCTS MADE BY DEALERS ACTIVELY REGISTERED
IN THE REGISTRY OF THE TAX DEPARTMENT IN CHARGE OF BIG COMPANIES.

lets also take a look at the entire article 21 of the 2018 tax code.

(3) The advance payment shall be:
10% for any taxpayer that is not on the register of a tax office.
purchases made by traders form manufacturers, farmers, importers;
wholesalers, semi-wholesalers, forest exploiters;
the purchase of oil products by service station operators and commodities by exporters;

The following shall not be subject to a withholding tax:
Imports by taxpayers under the specialized management units of the Directorate General of Taxation;
Purchases made by the State, councils and persons residing abroad from industrialists, farmers, importers, wholesalers, semiwholesalers, logging companies;
Purchases made by registered industrialists subject to actual earnings System for exploitations.

and then as from 2019 this has been added..

LOCAL PURCHASES OF PETROLEUM PRODUCTS MADE BY DEALERS ACTIVELY REGISTERED IN THE
REGISTRY OF THE TAX DEPARTMENT IN CHARGE OF BIG COMPANIES.

there you go viewers, that was the only addition made to article 21 of the General tax code.

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