URA kicks off with the Third edition of E-bomba ya business

Uganda Revenue Authority (URA) has stated that it will continue to assist various businesses in recovering from the pandemic so that they may pay taxes willingly.

This was discovered as the tax body launched off the third edition of the ‘e-bomba ya business’ summits with discussions on business survival in the aftermath of the Covid-19 pandemic’s consequences.

The month-long virtual engagements are designed to educate business owners about financial growth and voluntary compliance, and they’ve been combined with skills to help organizations succeed in the new normal.

Abel Kagumire, URA Commissioner Customs, told The Top bet that the majority of enterprises, which were a key source of revenue for the government, have been severely harmed by the consequences of the Covid-19 outbreak on trade.

He claimed that this has had an impact on tax collections, citing education, food services and lodging, and arts and leisure as areas that have been particularly hard hit during this period.

For example, food service and lodging receipts fell by 37%, owing to the fact that the industry is driven by visitors who were stranded in their respective nations.

However, Kagumire stated that the revenue agency is optimistic about a change in sector collections as a result of vaccines that are making travel much safer.

He explained that, unlike in the past, when the tax burden was borne by a few firms, the authority is now working to increase the tax register so that enterprises recuperating from the pandemic are not overburdened.

“The Uganda Revenue Authority (URA) has started expanding the taxpayer register since we know there are many Ugandans who are benefitting from their enterprises but are not paying taxes.” “We plan to do this through comprehensive tax education, so that everyone contributes to the betterment of this country,” Kagumire added.

Fabian Kasi, managing director of Centenary Bank, said that with the help of the authorities, they were able to offer new loan repayment schedules to their customers.

Ruth Biyinzika of the Private Sector Foundation Uganda (PSFU) taught business owners that personal financial management and review are very important, and that now is the time for them to be inventive in their enterprises rather than compete in expenditure.Up until November 12th, 2021, the ‘e-bomba ya business’ summits will be held in a series on Fridays.

The first installment of the summits focused on surviving the pandemic, with in-depth discussions on company financing and the development of alternative skills by sectors that were severely impacted by the Covid-19.