By Kamugisha Kabahweza Allan
As the financial year draws to a close, the Uganda Revenue Authority is conducting a country-wide revenue mobilization campaign to remind taxpayers to file their end-of-year returns and clear outstanding tax liabilities.
The exercise, according to Michael Masembe, the Ag. Manager of Tax Education at URA is targeting taxpayers whose returns are due by June 30th, 2024.
“Right now, individuals and non-individuals whose accounting date is December 31st, 2023, have to file final income tax returns and pay final income tax. We are also looking at clients whose accounting date is March 31st, 2023; they have to file provisional income tax returns,” says Masembe as he highlights some of the categories.
This was well elaborated by Andrew Kyakonye, a seasoned tax educator at URA, as he addressed traders at the 13th Eastern Region Trade Fair in Mbale district.
“The financial year is coming to an end, as you know, and there are some obligations that, as a taxpayer, you must fulfill. That is submitting income tax returns and payment of outstanding taxes to avoid being penalized,” Kyakonye stated.
He tipped the exhibitors on rental income tax, emphasizing that it is registered and paid separately.
“Rental income is calculated separately from other incomes because it is a stand-alone business in the real estate industry and is assumed to be the only source of income for the taxpayer.”
In Kyenjojo, over UGX 314,000,000 was collected as hundreds thronged the URA offices to clear their rental income tax liabilities.
Masembe urges taxpayers to respond to the call warning that those who fail to comply before the end of the June 30th deadline risk accumulating interest on their existing liabilities.
The campaign has so far covered areas of Kampala, Fort Portal, Jinja, Kyenjojo, and Mbale, with a similar exercise ongoing in Mityana, Kayunga and Kiyindi.
