By Kamugisha Kabahweza Allan
Uganda Revenue Authority has engaged insurers on the implementation of the International Financial Reporting Standard (IFRS 17 Insurance Contracts), which is replacing International Financial Reporting Standard 4.
“IFRS 17” is an accounting model used for insurance contracts world over. URA has mandated that insurance companies in Uganda use the system since January last year. These have, however, requested more sensitization to help them become conversant with it.
Addressing the group at the Mestil Hotel on Tuesday, John T. Katungwensi, the Assistant Commissioner, Large Taxpayers Office at URA noted that they will continue to engage insurers to get them acclimatized with IFRS 17 and resolve issues cited in it.
He also applauded the sector for its compliance revealing that “banking and insurance” is the third biggest contributor to the national coffers and it has contributed about UGX 772 billion in the last 4 years.
“I want to thank you for paying your taxes. In URA, the banking and insurance sector comes in third, so you are our esteemed clients and in 2023–24, you have so far paid about UGX 216B. We applaud you for your contributions,” he said
Racheal Katende, an audit officer at URA, encouraged the insurers to compile and submit all the proposals regarding the new changes after the adoption of IFRS 17 for further discussion.
“We are ready to listen to your proposals and we are open to dialogue. We believe through discussions, we can learn from each other,” she said.
