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Tax incentives: URA launches guide for investors

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The Uganda Revenue Authority (URA) has published a book to guide investors that apply to be given tax incentives.

Launching the guidebook during the Taxpayers’ Appreciation Week that was organised by URA, the State Minister for Investment Evelyn Anite urged the business community to use the booklet as a reference point to understand what is required of them to benefit from tax incentives.

The guidebook was launched during the awards ceremony which was the peak of the three-day events at Kololo Independence Grounds, where over 100 ministries, departments and agencies (MDAs) displayed their services for the public as accountability for the taxes they pay.

Twelve outstanding taxpayers got accolades for consistence and compliance in paying taxes, and among them was Kinyara Sugar Works, which remitted sh65.15bn in taxes in the 2016/17 financial year.
Standard Chartered Bank came second, followed by Arua District Local Government.

Mulago Hospital and National Medical Stores (NMS) were named the best exhibitors because they offered free Yellow Fever vaccination, with their stall overwhelmed by thousands of visitors who wanted to be vaccinated, given that the cost of the particular service goes for between Shs80, 000-Shs200, 000, elsewhere.

Other winners included Kisoro District Local Government, BC Beverages, Highland Mineral Water, while Iganga District Local Government emerged the best from the Eastern region.

During the event URA Commissioner General, Doris Akol, said the current 14 percent tax to Gross Domestic Product (GDP) ratio is expected to rise to 17% due to the improving culture of tax compliance.

URA Board Chairman, Dr. Simon Kagugube said the awards are part of the initiatives to encourage taxpayers’ compliance morale.
URA is expected to raise Shs14.5 trillion in financial year 2017/18 to support the Shs29 trillion budget. In financial year 2016/17, Shs12.7 trillion was collected against a target of Shs 13.1 trillion. One of the reasons for the shortfall in revenue collections is failure by some taxpayers to comply.

 

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