Tax bills are legislative proposals that outline changes in a country’s tax structure. In Uganda, these bills are drafted by the Ministry of Finance, Planning, and Economic Development (MoFPED) and presented to Parliament for approval.
The inauguration of Donald Trump as America’s 47th president marked a significant shift in U.S. policy, as seen in the immediate issuance of executive orders.
In a landmark ruling delivered on December 23, 2024, the Commercial Division of the High Court of Uganda ordered the Uganda Revenue Authority (URA) to refund $45 million, along with accrued interest totaling $148.5 million, to Heritage Oil and Gas Limited.
Tax amnesty is a temporary policy that allows taxpayers to declare previously undeclared income, file outstanding returns, and pay their tax liabilities without facing severe penalties or interest.
While economic uncertainties may seem scary, they also present opportunities for innovation, resilience, and adaptability. If you are thinking of becoming an entrepreneur, consider the following tips for successfully building your business in a challenging economy.
Uganda’s taxes residents on their worldwide incomes, and source-based for non-residents. Any non-resident who carries on business in Uganda, is employed in Uganda, or sells certain types of properties is subject to taxation provided that income is derived from sources in Uganda.
It has become a common refrain to hear people say, "I could have done this or that, 'naye enkonome'!" as the city dwellers often utter. However, beneath these words lies the undeniable reality of challenging economic conditions.
Uganda employs a self-assessment tax system, where taxpayers calculate owed taxes, file returns, and make payments. URA conducts compliance audits to ensure accuracy. Disputes often start when URA issues additional assessments. It's advisable to address issues early through voluntary disclosure to prevent disputes.
The URA’s prime role in Uganda's economic development and governance is to manage and enforce tax-related policies and regulations through revenue collection, tax administration, tax policy formulation, customs control, enforcement and compliance, revenue forecasts etc.
Many companies inadvertently commit errors in their tax matters, which can burgeon into significant issues, ultimately tarnishing their relationships with the URA and impeding the overall business landscape.
The Uganda Revenue Authority is a semi-autonomous government agency under the Ministry of Finance with a mandate to assess, collect, and account for tax revenues in accordance with the tax laws of Uganda.
This article aims to simplify and clarify some of the most common accounting terms, making it easier for you to manage your accounts and communicate with your accountant.
Business owners tend to leave tax planning until the last minute. It is prudent to begin planning for your taxes at the start of the year by identifying tax deductions, tax credits, and exemptions over the course of a calendar year, tax planning is a legal means of minimizing tax liabilities over a calendar year.
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