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The International Monetary Fund (IMF) has urged government to introduce Value Added Tax (VAT) on fuel products as part of a broader strategy to strengthen domestic revenue mobilization and improve fiscal sustainability. In its Uganda: Post-Financing Assessment Discussions report, the IMF highlights that Uganda continues to collect less tax revenue than its potential, largely due to a narrow tax base and numerous exemptions in the current tax regime, stressing that broadening the tax base is essential to close gaps in revenue relative to regional peers. Under existing law, fuel and petroleum products are VAT exempt. But instead, government currently charges…
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Taxpayers who will want to claim a tax refund from Uganda Revenue Authority – URA will not be allowed if they don’t implement the electronic invoice and receipt system. According to URA, taxpayers have three months up to September 30, 2020, to adjust their systems and start issuing e-invoices. From 1 October 2020, no taxpayer will claim a tax credit if they didn’t issue e-invoices in their trading. The program is implemented under the Electronic Fiscal Receipting and Invoicing Solutions (EFRIS). Presenting to auditors at PricewaterhouseCoopers (PWC) on Thursday, Hassan Wassajja, an official at URA, said the e-invoice helps…
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