Taxable income shall be assessed in respect of:
- Proceeds of stocks, capital shares and related income, by the gross amount of allotted dividends;
- Bonds, government securities and loans by interest or income shared out in the financial year;
- Repayment premiums, by the difference between the amount reimbursed and the loan issue rate;
- Income from loans, deposits and sureties, by the gross interest, arrears and any other proceeds of the securities referred to in Section 41 of the tax Code;
- Transfer of shares, bonds and other stocks by the net overall capital gains arising from and losses recorded during the financial year on each type of security held by the taxpayer.
- Income from indirect transfers referred to in Section 42 of the tax code, through the capital gain obtained from the transfer price quota corresponding to the shares of the foreign entity in the Cameroonian company’s capital.
Recorded gains or losses for each transfer operation done during the financial year shall be assessed by the differential between the transfer price for the securities concerned and their purchase price or their appropriation value, in case of acquisition of such securities during the incorporation of a company or when increasing the company’s capital.
In the event of net overall losses recorder in a financial year, such losses shall be offset by any net overall profits recorded in the next four financial years.
IV – UNDISCLOSED INCOME
Companies and other corporate bodies liable to company tax shall be subject to the Personal Income Tax levied on the global amounts which such companies or corporate bodies have paid out directly or through a third party to persons of undisclosed identity during the period considered for the establishment of the Company Tax.
The highest rate of Personal Income Tax shall be levied on such income. Such levies shall be accompanied by a 100% non-negotiable penalty.
The application of the personal income tax to the said companies or corporate bodies shall not bear assessment of the amounts specified above in the name of the beneficiaries where they can be identified by the authorities.
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