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<\/figure>\n\n\n\nUganda Revenue Authority (URA) recently met with Tax Agents and Accountants today to discuss the new reforms in filing income tax returns and the tax waiver.<\/p>\n\n\n\n
Section 16(5) of the Tax Procedures Code Act requires all taxpayers with an annual turnover of UGX 500 million or more to submit audited financial statements prepared by a certified accountant when filing their income tax returns.<\/p>\n\n\n\n
Sarah Chelangat Muzungyo, URA Commissioner Domestic Taxes, emphasized that tax agents play a vital role in ensuring the smooth implementation of these reforms.<\/p>\n\n\n\n
\u201cTax agents represent the majority of our taxpayers and are crucial in ensuring accurate and timely filing,\u201d she said. \u201cBy working together, we can achieve better compliance, improve revenue mobilization, and ease the transition to the new tax filing requirements.\u201d<\/p>\n\n\n\n
The training sessions highlighted how the interest and penalty waiver, available until the end of the year, can benefit businesses by reducing their overall tax liability.<\/p>\n\n\n\n
\u201cFor businesses, settling their tax liabilities on time under this waiver will help ease their financial burden and improve overall compliance,\u201d said Sarah. She advised them to opt for early payment of their principal taxes to avoid disappointment at the last hour.<\/p>\n\n\n\n
During the meeting, Garry Kizito, Ag. Assistant Commissioner DT Compliance Management introduced the new web-based system for the Local Excise Duty (LED) returns, which will take effect on November 1, 2024.<\/p>\n\n\n\n
Tax agents were trained on how to use the pre-filed LED returns, designed to streamline the submission process and reduce errors. The transition to the web-based system is a key part of URA\u2019s push for greater efficiency and transparency in tax administration.<\/p>\n\n\n\n
\u201cThere has always been a need to make it fully automated and online, that is the decision that URA management has taken. Provisional returns are fully online, now we bring you LED returns fully online and the next phase is coming,\u201d Garry elaborated.<\/p>\n\n\n\n
Garry also outlined the expectations for tax agents, particularly regarding the new requirement for audited accounts.<\/p>\n\n\n\n