URA steps up fight against Illicit Financial Flows to curb revenue leakages
BY ANNET NANTONGO Illicit Financial Flows (IFFs) continue to plague Uganda’s economy, a loss that the Advocates Coalition for Development and Environment (ACODE) and Global Financial Integrity (GFI) estimate to be in excess of UGX 2 trillion annually. This universal problem manifests broadly as movement of money (and value) that is illegally earned, acquired, transferred, …
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Smugglers Continue to Hatch Tricks Despite the Taxman Noose
BY IMMACULATE WANYENZE John Bbale, a 37-year-old renowned “business man” in Luweero may not be your ordinary Ugandan because he has mastered the “get-rich-quick” strategy through smuggling. Bbale is a notorious smuggler who plies his trade in contraband cosmetics in Luweero. On Saturday 9th July, his car (Toyota Hiace) UBL 725L could not match the …
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Local Marine Cargo Insurance Presents Relief for Importers
By Florence Namuganza URA in partnership with the Insurance Regulatory Authority (IRA) announced in May 2022, that all cargo imported into Uganda by sea, air, rail, road or registered post must be insured by local insurance companies. This new business process took effect on 1st July, 2022. Although, the notice attracted mixed feelings from the …
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How URA is using Forensics to Counter Revenue Leakages
By Florence Namuganza The advancement of technology and internet have transformed the way businesses operate, and ushered new trends in transactions. However, this progression has also been misused by unscrupulous individuals as a mechanism to dodge taxes through vices like; document forgeries, invoice trading, missing traders, sales suppression, EFRIS system tampering, and code misclassification. This …
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URA registers highest growth in the Financial Year 2021/22
By Immaculate Wanyenze Despite the outbreak of the COVID 19 pandemic and other global crises that affected the economy, the Ugandan taxpayer has not blurred their ambition to contribute their fair share of revenue. An Interim Report indicates that last Financial Year 2021-22, URA collected UGX 21,659.44 billion – the biggest collection in the history …
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Uganda Set to Collect Taxes from Digital Economy
By Annet Nantongo Uganda Revenue Authority (URA) will start collecting Value Added Tax (VAT) from non-resident electronic services provider companies operating in the Ugandan economy, effective July 1, 2022. URA issued a public notice on January 27, 2022 notifying all non-resident suppliers of electronic services to collect, file and pay this tax. These services include …
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URA DONATES TO KABAKA BIRTHDAY RUN IN FIGHT AGAINST AIDS
By Irene Kabakama Uganda Revenue Authority handed over a UGX 3,750,000 cheque yesterday towards support of the Kabaka birthday run of 2022. This charity run is organized by Buganda kingdom in partnership with Airtel Uganda Limited. The other entities supporting this cause are UNAIDS, Uganda Airlines, Uganda Civil Aviation Authority (CAA), Uganda Communications Commission (UCC), Federation of …
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