By Joshua Niyonshima
The Permanent Secretary/Secretary to the Treasury, Ramathan Ggoobi, has urged business owners to be tax compliant so that their businesses can develop faster. Ggoobi made these remarks while delivering his keynote address at the Business Trends Forum 2023 that happened at the Sheraton Hotel Kampala.
“If you manage your business professionally by constantly keeping records, it will definitely expand. Try to avoid regulators coming to your business by doing what they expect you to do. Never allow government agencies to come to your business; go to them, and you will never run away from the state. When the government loses trust in you because this person is evading tax, then cooperation becomes difficult,” he said.
He further encouraged them to utilize the available investment opportunities and incentives.
“Make use of government agencies before you say government only supports foreigners no that is not true. By the time those foreigners come, they want to be compliant and this makes them get a lot of benefits,” Ggoobi.
His call was echoed by Yvonne Mpanga the CEO Business trends forum who underscored the benefits of having a good relationship with the taxman.
“If you pay your taxes, record your daily activities, plan your next move, you will never fail. URA is here to walk the journey with you. They intend to make you pay your taxes happily by engaging with you and understanding your business. The earlier you include URA in your business plan by complying, the faster your business will grow uninterrupted and be able to benefit from other government programs,” she said.
Meanwhile, URA’s Ag. Manager for public and corporate affairs Robert Wamala reminded the proprietors of the new interest and penalty waiver that is available until 31 December 2023.
“If your business has an outstanding tax debt, government has decided to build your business by allowing you to pay the principal tax and then the accumulated penalties and fines will be automatically waived off. However, this offer stands up to 31st Dec 2023,” he said.
He commended the business owners on their compliance and reiterated calls for them to formalize their businesses practice proper record keeping and file returns on time.
