How long are you obliged to preserve tax documents in Cameroon?
Did you know that taxpayers in Cameroon are obliged to preserve tax documents for a period of time before they can be disregarded for any tax control or investigation? There are many small businesses out there that don’t have an archive for accounting and tax documents. Immediately they file in their tax returns, they believe it’s done for the year.
What you need to know
In case the tax authorities discover any anomaly with your taxes, they have the right to control or investigate your past tax-related and accounting documents. In such a situation, the taxpayer is obliged to present to the tax administration upon request all mandatory records and supplementary records, accounting documents and if necessary the specific accounting items that are applicable to the activity undertaken. This is in order to show proof of genuineness in the elements the entity or individual has filed in their returns.
The obligation to preserve tax documents in Cameroon
In Cameroon, the taxpayer is obliged to keep all the accounting documents, books and registers that can be requested for control or investigation by the tax authority in whatever form for a period of 10 (ten) years. The bases for determining the period are
=> the date when the last operation was recorded or
=> the date when the documents were drawn up
Tax documents in Cameroon to be preserved
The tax law in Cameroon provides for some specific documents that the tax payer is obliged to produce at the request of the tax authorities. The documents include:
Stocks and shares transfer registers
Meeting minutes of shareholders
Minutes of board meetings
Management report that has been approved by the shareholders or partners
Auditors reports and
Regulated agreements where applicable
Other bodies involved
The conditions to preserve tax and accounting-related documents for a minimum of ten years in Cameroon also applies to the following
Managers and beneficiaries of trust
Insurance trusts or similar entities
Foreign taxpayers operating in Cameroon without a head office. They have to appoint a solvent representative accredited by the tax authority.
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