Politics

Uganda: URA Proposes Tax Amendments and Addresses Concerns of Traders


The Uganda Revenue Authority (URA) has issued an apology to traders for the behavior of their staff and has reassured them that their concerns will be addressed promptly.

Along with this, URA has proposed new tax amendments for the fiscal year 2023.

The tax proposed amendments bills, if agreed to by the president, will come into force on July 1, 2023.

“All Ugandans with businesses have the opportunity to get a tax holiday of 10 years under Section 21 income tax. To take advantage of this opportunity, it is important to maintain proper books and records,” explained Tracy Judith Akello, supervisor Policy rulings, and interpretations at Uganda Revenue Uganda said.

Regarding foreign transactions, Akello mentioned, “For every money that gets out of Uganda, we impose a tax of 30% on foreigners. Additionally, there is a tax of 45% on certain transactions. It’s worth noting that we do not impose taxes on internet usage in Uganda, as our focus is on taxes collected from other countries in accordance with international practices.”

Akello also emphasized the importance of responsible gambling, stating, “To discourage excessive betting and its impact on young people, we require a 40% tax on betting. This measure aims to address the negative consequences of gambling, such as school dropout rates among the youth.”

Thadeus Musoke Nagenda, chairperson of Kacita, expressed concerns about the allocation and disbursement of COVID-19 recovery funds promised by URA. He called for unity among traders to diligently pursue the release of these funds from URA.

“To maintain fairness, it is crucial to discourage Hawkers as they do not pay rent or taxes like formal businesses,” warned Edward Ntale, Chairperson of the United A carders Traders Entrepreneurs Association (UATEA).

In terms of communication from URA, Edward Ntale suggests, “URA should reduce the frequency of messages related to license payment. Many traders face confusion as they are unsure about the specific payments required. Let’s work together as traders to address this issue and avoid unnecessary jealousy among ourselves,” he concluded.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *