In the new URA web based tax returns, Rental tax is to become a self-tax type unlike before where it was under the income tax. It has been designed to become a standalone tax type with its own ledger to make the administration by URA be simple and ensure certainty by the taxpayers of what they have filed during the fiscal year.
The Uganda Revenue Authority (URA) is set to implement a new web-based tax return system effective November 2023, following the success of the web-based returns introduced for Rental Income Tax provisions in 2022. This move is part of URA's ongoing efforts to enhance efficiency and ease of administration in tax filing.
Transfer pricing determines the allocation of profits between these entities and is commonly practiced within enterprises under common ownership and control, such as business conglomerates and multinational corporations.
Full Monetization of Uganda’s Economy through Commercial Agriculture, Industrialization, Expanding & Broadening Services, Digital Transformation and Market Access
Where you fail to respond, the tax authority has no option but to raise an administrative assessment and or additional assessment such that they correct the wrong position you filed and this usually comes with a tax liability to pay.
Pillar Two introduces the Global Anti Abuse Erosion (GloBE) rule, which seek to address the remaining Base erosion and profit shifting (BEPS) challenges and are designed to ensure that larger internationally operating businesses pay a minimum level of tax regardless of where they are headquartered or what jurisdiction they operate from.
The framework aims to ensure that the BEPS package effectively addresses tax avoidance, promotes collaboration, and creates a more transparent tax environment.
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