Why you should endeavour to end 2010 on correct side of tax collector
Dec 26, 2010
THE clock in ticking and 2010 will be no more this week. The excitement is on and every entity (individual, business or company and others) is taking note of the achievements and probably what did not go right to avoid reoccurrence of mistakes in the coming calendar year.
By Peter Kaujju
THE clock in ticking and 2010 will be no more this week. The excitement is on and every entity (individual, business or company and others) is taking note of the achievements and probably what did not go right to avoid reoccurrence of mistakes in the coming calendar year.
But as a taxpayer, end of the year is critical and you need to have accomplished many things and honoured your obligations with the tax collector, the Uganda Revenue Authority (URA).
As you reconcile, your books of accounts to pay your outstanding bills and recover your money in debts, it is crucial to honour your tax obligations.
If you are an employer, withholding agent or Value Added Tax (VAT) taxpayer, you should have filed returns and paid PAYE (Pay As You Earn), Withholding Tax and VAT by December 15, while Excise Duty should have been sorted out by December 21.
To put it simply, a return on income is a form prescribed by the commissioner requiring any person chargeable to tax to give information about transactions.
It must be dated and signed by a taxpayer.
It may be filed by an individual, company or a partnership.
In this case, all taxpayers whose accounting date is June 30, should by December 31 remit their first instalment of the provisional income tax.
They should also submit the final returns for the period ending June 30, 2010.
All quarterly provisional individual income taxes should be remitted to URA by December 31.
For all taxpayers whose accounting date is December 31, they should remit their last instalment of the provisional income tax not later than December 31.
Earlier this month, URA advised taxpayers with outstanding amounts (arrears) to pay up by December 12.
This was to help them avoid enforcement measures which definitely come with fines and penalties.
Remember it is always advisable to avoid the hassle associated with last minute rush, imposition of penalties, possible prosecution and payment of interest associated with failure to file returns on time, late filing and payment.
It is important for the taxpayers to know that returns and payments are independent processes and that they are made in time to avoid payment of penalties.
In the event that a taxpayer is experiencing difficulty in the use of the online system (e-TAX), you have a right to contact URA at the respective tax districts for assistance.
The writer works in URA’s Media Desk.
Email: pkaujju@ura.go.ug
THE clock in ticking and 2010 will be no more this week. The excitement is on and every entity (individual, business or company and others) is taking note of the achievements and probably what did not go right to avoid reoccurrence of mistakes in the coming calendar year.
But as a taxpayer, end of the year is critical and you need to have accomplished many things and honoured your obligations with the tax collector, the Uganda Revenue Authority (URA).
As you reconcile, your books of accounts to pay your outstanding bills and recover your money in debts, it is crucial to honour your tax obligations.
If you are an employer, withholding agent or Value Added Tax (VAT) taxpayer, you should have filed returns and paid PAYE (Pay As You Earn), Withholding Tax and VAT by December 15, while Excise Duty should have been sorted out by December 21.
To put it simply, a return on income is a form prescribed by the commissioner requiring any person chargeable to tax to give information about transactions.
It must be dated and signed by a taxpayer.
It may be filed by an individual, company or a partnership.
In this case, all taxpayers whose accounting date is June 30, should by December 31 remit their first instalment of the provisional income tax.
They should also submit the final returns for the period ending June 30, 2010.
All quarterly provisional individual income taxes should be remitted to URA by December 31.
For all taxpayers whose accounting date is December 31, they should remit their last instalment of the provisional income tax not later than December 31.
Earlier this month, URA advised taxpayers with outstanding amounts (arrears) to pay up by December 12.
This was to help them avoid enforcement measures which definitely come with fines and penalties.
Remember it is always advisable to avoid the hassle associated with last minute rush, imposition of penalties, possible prosecution and payment of interest associated with failure to file returns on time, late filing and payment.
It is important for the taxpayers to know that returns and payments are independent processes and that they are made in time to avoid payment of penalties.
In the event that a taxpayer is experiencing difficulty in the use of the online system (e-TAX), you have a right to contact URA at the respective tax districts for assistance.
The writer works in URA’s Media Desk.
Email: pkaujju@ura.go.ug