Instalments for taxes in ivory coast
In Ivory Coast, individuals and businesses are required to pay their taxes in instalments, rather than in a lump sum. The payment of taxes in instalments helps taxpayers manage their cash flow and budgeting, while also providing the government with a steady stream of revenue.
The payment of taxes in Ivory Coast is done through a system known as “le système de la retenue à la source” (the withholding tax system). This system requires employers to deduct a percentage of their employees’ salaries as taxes and remit it to the tax authorities on their behalf.
For businesses, taxes are paid in quarterly instalments, with the amount of tax payable being based on the company’s turnover. The first instalment is due on or before the 15th day of the month following the end of the first quarter, while the subsequent instalments are due on or before the 15th day of the second, third, and fourth quarters.
Individuals, on the other hand, are required to pay their taxes in monthly instalments, with the amount of tax payable being based on their monthly income. The deadline for paying these taxes is the 15th day of the following month.
It is important to note that failure to pay taxes in Ivory Coast can result in penalties and interest charges. Therefore, it is important for individuals and businesses to make timely payments and comply with the tax laws of the country.
