The operation for enterprises of the Large Taxpayers Unit went operational on July 3, 2017 according to a release of the Minister of Finance.

Enterprises belonging to the Large Taxpayers Unit can now carryout online request for the refund Value-added Tax credit. The move follows a decision of the Minister of Finance contained in an announcement signed on June 14, 2017 by Alamine Ousmane Mey, fixing the start of the online request for VAT refund for July 3, 2017. The refund

request, according to the announcement, shall be tabled and followed up online on the website of the Directorate General of Taxation (www.impots.com). The move which aims at simplifying and dematerialising the whole VAT

refund procedure, will be extended to the medium size enterprises as from October 1, 2017. The Ministry of Finance has also taken measures to speed up the payment of current stock of VAT owed enterprises such as the opening of special account at the central Bank. This move is in response to the appeal of economic operators during the last Cameroon Business Forum in Douala where  they expressed the necessity for government to open an account to guarantee the refund of VAT credits to companies. The government has therefore yielded to the demand and took further measures to dematerialise the procedures by opting for online transaction in a bid to save time and resources. VAT which stands at 19.25 per cent in Cameroon is paid by natural or corporate bodies that carry out taxable transaction consisting of provision of services or sales of goods.

It is invoiced by natural or legal persons whose turnover is equal to or above FCFA 50 million and which are under the tax regime of actual earnings. VAT paid upstream is recoverable except where otherwise stated. With the commencement of the refund and through online request, the government is engaged in creating an enabling environment for enterprises to develop their activities because the retention of these funds by the State generally undermines the companies’ treasury.

Jeff OBASE

 

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