Interest is defined by the Oxford Dictionary as money paid regularly at a particular rate for the use of money lent or for delaying the repayment of a debt. Interest is a significant factor in any economy, be it in the public or private sector. It takes a key role for the simple reason that any sizeable economy, with the most basic elements of sophistication, is catalysed by credit. The provision of most goods or services relies on the assurance of payment at a future date. The providers of those services often have to borrow to produce. The cost of…
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20 years later, the firm has blossomed into one of Uganda’s most respected tax law firms, commanding more than 50% of all tax litigation in the country. The firm has also been recognised by rating agencies and peers⏤ domestically by the Uganda Law Society; regionally by the East Africa Law Society, and internationally by the IFLR1000, Chambers and Partners, the Global Law Experts and the ITR World Tax⏤ a comprehensive guide to the world’s leading tax firms. Birungyi, Barata & Associates was also named by CEO East Africa Magazine in its 2023 List of Top 25 Corporate and Commercial Law…
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Birungyi, Barata and Associates (BBA), a Ugandan tax advisory and tax law firm has been named among Uganda’s top 12 tax law firms and consultancies in the 2024 edition of ITR World Tax⏤ a comprehensive guide to the world’s leading tax firms. The firm is also the only firm in Uganda rated by the ITR World Tax 2024 as an authority on transfer pricing. Transfer pricing, according to Investopedia.com, is “an accounting and taxation practice that allows for pricing transactions internally within businesses and between subsidiaries that operate under common control or ownership. The transfer pricing practice extends to cross-border…
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On 15th June 2023, the Uganda Revenue Authority (URA) issued a public notice, serving as a reminder to the public “to pay stamp duty on all Agreements or Memorandum of Agreement executed or received in Uganda in relation to the purchase and transfer of property”. In their notice URA stated that “any person who purchases or transfers property should present the Agreement or Memorandum of Agreement together with the Transfer and Consent forms to URA for stamp duty assessment, payment, barcoding, and generation of Stamp Certificate. Stamp duty payable on each Agreement or Memorandum of Agreement is UGX 15,000, while…
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Cephas is a founder and the Managing Partner of Birungyi, Barata & Associates. He is an Advocate of the High Court, a commissioner for Oaths, a Notary Public and a registered Tax Agent with the Uganda Revenue Authority. He is also the head of the Tax Cluster in the Uganda Law Society and a member of the IBA Tax Committee. Founded in 2003, Birungyi, Barata & Associates (BBA) is Uganda’s leading tax law firm. It is recognized both locally and internationally by entities such as Uganda Law Society, East African Law Society, IFLR1000, Chambers & Partners and Global Law Experts…
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The Tax Appeals Tribunal, sitting in Kampala has set aside a UGX4.6 billion import duty assessment against paint makers, Kansai Plascon Uganda. The company dragged the Uganda Revenue Authority (URA) to the Tribunal, challenging an import duty assessment of UGX4,623,958,639 on raw materials imported between 2017 to 2021 from Egypt, namely long oil alkyd resins, polymers and calcium carbonate. Egypt, just like Uganda, is a member of the Common Market for Eastern and Southern Africa (COMESA); therefore, the said goods were supposed to enjoy preferential tax status. In the tax dispute, URA told the court that during this period, Kansai…
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The Tax Procedures Code (Amendment) Bill 2023 has a number of provisions that attempt to correct the complications and injustices related to the waiver of penalties and interest that has been enacted since 2017. The proposed amendment to Section 39 of the Principal Act reads; “(4) For the avoidance of doubt interest due and payable under the tax law as at 1st July 2017 exceeds the aggregate of the principal tax and penal tax the interest in excess of the aggregate is waived” There are three issues with this proposal; The words ‘for the avoidance of doubt’ have been used in…
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The Income Tax Bill published on 30th March 2023 is spectacular in that it attempts to make dramatic reforms in tax. Apart from doing away with the incentive for investors called initial allowance (50% of the cost base of an eligible property in a radius of 50km outside Kampala and 20% within that radius), it has introduced a wider-ranging tax on digital transactions. Of the proposed reforms, perhaps one that will most likely have wide-ranging effects, if not checked by Parliament, is the redesigning of the policy on the sale of assets which has been upgraded from taxing business assets…
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The Tax Appeals Tribunal (TAT) has disallowed a UGX 504,098,312 tax bill by Uganda Revenue Authority (URA) on asset-financing firm Tugende Limited, saying the tax authority wrongly assessed the tax. The 2 against 1 majority ruling follows an application by Tugende Limited arguing that the tax assessment was based on discounts to its customers who repaid their leases early, yet these should be allowable expenses. URA disagreed and issued an additional income tax assessment of UGX504,098,312 which the applicant objected to. Tugende was represented by Oscar Kamusiime and Linda Mugisha from Birungyi, Barata & Associates, while URA was represented by…
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The state of buildings in a locality, zone or city normally gives the first impression to a newcomer of the economic state of the area. The skyline of Dubai, Hong Kong, Manhattan and Singapore are symbols of wealth and glamour just as much as Kibera, Gugulethu, Kinawataka or the favelas of Rio are a testament that poverty and glamour rarely co-exist. Real estate investment decisions are largely affected by economic and political factors but also by sentiment and exposure. The Covid-19 pandemic, multiple changes in the tax laws, the uncertainties surrounding Uganda’s land tenure system and the related land grab…
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