Consortium clearly stated, page-50

https://www.businessincameroon.com/public-management/2305-13865-cameroons-finance-minister-urges-38-companies-to-submit-overdue-tax-declarations

Cameroon's Finance Minister Urges 38 Companies to Submit Overdue Tax Declarations

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  - Thursday, 23 May 2024 17:34

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(Business in Cameroon) - Finance Minister Louis Paul Motaze has publicly called on 38 taxpayers to submit their Financial Statements and Tax Returns (DSF) for FY2023. The deadline expired on March 26, 2024. He urges these companies to file their declarations immediately to avoid penalties such as automatic taxation.

The DSF is a key accounting document that summarizes a company’s activities over the fiscal year. It helps the tax authorities ensure compliance with tax regulations and assists the National Institute of Statistics in producing economic data. According to the General Tax Code, the DSF must be submitted by March 15 each year, though this deadline can be extended by the Finance Minister.

The list includes notable companies such as Aéroports du Cameroun (ADC), Bocom Petroleum SA, Bestway Finance, and BTP Bofas. ADC, a public enterprise managing the country's airports, conducted operations in 2023 and is slated for listing on the Central African Stock Exchange (Bvmac). Bocom Petroleum SA, part of the Bougne group led by Cameroonian businessman Dieudonné Bougne, specializes in petroleum product distribution with 68 service stations. In June 2022, it secured a CFA33 billion loan from the International Finance Corporation to enhance domestic gas distribution.

Bestway Finance, based in Hong Kong, is involved in developing the Mbalam-Nabeba iron ore project between Cameroon and Congo. This company leads a consortium that signed a 50-year public-private partnership with Cameroon on February 25, 2022, to build and operate the Kribi port mineral terminal and a 500 km railway line for iron ore exploitation. BTP Bofas, a Cameroonian construction company, was active in 2023 but lost two contracts in November 2023 and February 2024.

The inclusion of the Chantier naval et industriel du Cameroun (CNIC), in crisis for several years, is less surprising.

Companies on this list face increased fiscal charges. Article L 99 of the General Tax Code stipulates a non-negotiable fine for late DSF submission, ranging from CFA250,000 to CFA5 million depending on the company's size. Article L 103 specifies that non-submission of a declaration leading to automatic taxation results in losing VAT deduction rights and previous period VAT credits. For income tax, it means losing the right to carry forward prior deficits and tax credits.