Uganda Tax and Investment incentives info plus Important African Tax News
As a business traveler planning an Investment in Africa, you will need to know your Uganda Tax obligations, as these Tax costs will directly affect your bottom line.
You also realize that in the current Global Economic crisis has caused governments to focus on governance and regulation of private companies.
This means that tax compliance has become more important to African governments than it was in the previous decade.
Your tax compliance failure therefore represents not only a financial risk, with financial penalties and a possible increase in the tax charge , but also a serious business risk, as it can damage your company’s reputation with the authorities and the public.
On this page we provide you with relevant information regarding the Uganda Tax System;
The Ugandan tax system
The Uganda Tax System can be summarised within Five (5) major Elements.
Taxes are collected by self-assessment and by withholding tax on payments to residents and non-residents. As an Employer you are obliged to withhold and account for income tax on your employee remuneration and benefits (the PAYE system).
You will be charged with penalties and interest for non-compliance and late payment of taxes in Uganda
The Uganda Revenue Authority is the central body mandated to assess , collect specified tax revenue, administer and enforce laws relating to such revenue. This statutory body conducts regular audits and investigations of taxpayers.
Uganda Government Investment Incentives
It is common knowledge that tax is a cost to business and one of the main considerations in making investment decisions. In designing tax policies therefore, the government of Uganda has to pay attention to the levels of marginal tax rates charged to business and other income.
Our government offers a fair incentives package that provides generous capital recovery terms, especially if your project will entail significant investment in plant and machinery and you're likely to yield profits over the longer term.
There is deductible annual allowance on depreciable assets, which are specified in 4 classes (sixth schedule) under declining balance method.
How to determine whether you will need a Uganda tax consultant
Before you hire a Uganda Tax Consulting firm , you need to ask yourself the following questions.
If your answer is YES to any or all the above questions, then you should consider hiring a Uganda Tax Consultant.
What to look out for in your prospective Uganda Tax Consultant
A good Uganda Tax Consulting Firm should be able to demonstrate a proven track record in those three (3) key areas, especially within Uganda.
East Africa Budget Insight
The East African countries once again presented their annual revenue and expenditure estimates simultaneously on 12 June 2008.This is in continuation of now a well-entrenched tradition following the revival of the East Africa Community.
The initial three partner states of Kenya, Uganda and Tanzania have now been joined by Rwanda and Burundi although these twocountries have not yet harmonized their fiscal years with the rest of the community. We expect that Rwanda and Burundi will presenttheir 2009/2010 budgets in June 2009.
East Africa has just closed a tremendous year from an economic growth perspective. Kenya, Uganda and Tanzania all registeredrobust growth with Uganda topping the growth chart at 8.9%, Tanzania registering 7.0% and Kenya recording 7%. This rapidgrowth is opening up more opportunities for cross-border investments within East Africa and increasing the purchasing power ofthe citizens of East Africa.
The Budget Insight 2008/2009 provides an overview of some key economic developments in Kenya, Uganda and Tanzania. We havealso provided an analysis of the main tax measures contained in the various budget presentations that are likely to affect you, yourbusiness and your investments across the region.
East Africa is opening up more and more business opportunities through the common market. The Budget Insight should give youa good starting point on some critical issues to consider as you carry on business in East Africa.
Have A Question About Uganda Taxes?
Do you have a question about the Uganda Tax System? Ask the Uganda Tax Guide and other Business travelers who visit our website!
Tax News & Answers to What Other Visitors Have Asked About Uganda Taxes.
Click below to see the Tax questions asked by other visitors and the answers they have got ....!
Uganda Withholding Tax Exemption (WHT) for the period 1st January 2014-30th June 2014.
Uganda PAYE rates 2012-2013
Uganda's tax structure
Car importation into Uganda
Pay As You Earn
Garments import tax in Uganda
Donations and Gifts
Uganda withholding taxes
Heritage Vs Uganda oil case starts in UK
What are the Uganda Taxes on Construction Material
I want to start a import and retail bussiness of automobile spareparts
Which goods does Uganda Revenue Authority exempt from taxation?
Uganda NGO's and taxation
Witholding tax for short contracts
Uganda Oil Tax News
Withholding Tax in Uganda
Taxpayers Vs. Tax Authorities.
Uganda Tax Incentives
Uganda Tax on Imported Tractors
Used Clothes Tax
Annual compliance requirements of applicable laws for Ltd/Pvt. Ltd. Company
Tax Briefing notes; 2012/13 Uganda Budget analysis
Tax planning in Uganda
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