By Kabahweza Kamugisha Allan
Uganda Revenue Authority has called on taxpayers to take interest in the waiver on interests and penalties that runs till end of December 2023.
The Assistant Commissioner Policy and Rulings, Stella Nyapendi Chombo made the call recently at the first annual Kampala Business Investment Summit held at Mestil Hotel.
Discussing tax policy, Nyapendi noted that the Tax Procedures Code (as Amended) provides for a waiver on interests and penalties in the first half of the 2023/24 financial year. He encouraged taxpayers burdened by interest and penalties to pay their principal tax, to benefit from the waiver.
“This year, government introduced a provision under section 40 of TPC, and it encouraging clients to benefit from waivers of interest and penalties on tax arrears for all taxpayers,” said Nyapendi.
She dispelled rumors that only foreign investors gain from tax exceptions saying that each person has a right to benefit as long as they meet the prerequisite requirements.
“There are strategic sectors that are exempted from taxes such as logistics, footwear, manufacturing and IT, however they are subject to conditions,” she said.
Nyapendi urged traders in small and medium enterprises to formalize their businesses by registering with Uganda Registration Services Bureau and Uganda Revenue Authority to enable them benefit in trade. She thanked taxpayers for tirelessly contributing taxes for national development, reminding them that it is one of their rights and obligations.
Speaking at the summit organized by Africa Centre for Economic Dialogue (AfCED), Nigerian and Pakistani Ambassadors to Uganda, their Excellencies Ismail A. Alatise and Mohammad Hassan Wazil urged innovators to always share their ideas in order to access funding for projects.
“Always share your ideas so that we can see how to fund and develop them to promote innovations by the young generation,” said Ambassador Alitise.
“Uganda has good climate which calls for many innovations. Use this good environment to create ideas to start income generating projects for your development,” Ambassador Wazil advised.
AfCED Executive Director, Nsubuga Julius Kazibwe said that the summit hinged on eight pillars; – climate change, urban housing & infrastructure, financial inclusion, data & technology, food security, healthcare, human capital and tourism.
Closing the first day of the summit, Minister of State for Finance and Planning, Amos Lugoloobi urged innovators to make use of the free zones government has setup across Uganda in order to gain from their projects.
