Rental owners advised to file their income tax returns to URA
Property owners earning income from renting out property have been advised to start filing their income tax returns before the Uganda Revenue Authority starts enforcing the tax in July.
Major James Mutabazi a senior tax consultant has said that when the national budget is read in Parliament in in June, the current tax bills before Parliament for amendment, will automatically be passed into law because these are areas government has identified from which to collect revenue to finance the budget.
He was addressing members of the Uganda Manufactures Association about contents of the 2017/2018 national budget yesterday,
Mutabazi told the manufacturers that in order to avoid harsh penalties because of defaulting payments, landlords need to file their tax returns so they have evidence to show URA the income they have been earning from the property, rather than being subject to tax estimates from URA which they will be forced to pay.
Meanwhile, Elinathan Masiko the supervisor tariffs at the URA customs department said as much as the law has been in existence, the mechanisms of enforcing it have been very weak and but it has now been revised.
April 21st, 2017