Uganda Revenue Authority (URA) has announced a 14-day grace period for companies and individuals who have submitted fictitious returns to rectify their income tax returns or face prosecution. The grace period starts from 14th November 2019 to 3rd December 2019 .
This comes after URA noticed that a sizeable number of taxpayers had introduced fictitious entries in their accounts such as loans and related expenses aimed at distorting their tax payable. URA also said some taxpayers were using multiple Tax Identification Numbers and identities to suppress earned revenues.
The notice also says that some taxpayers filed NIL income tax returns despite available information in the URA database showing that they are transacting and earning income.
Several other companies and individuals were overstating interest expenses and purchases to up their costs so that they can lower the money they have to pay to URA.
URA further informs the general public that they are continuously monitoring all income tax declarations and hereby advises all registered taxpayers to ensure that they always conduct their business affairs in accordance with the law and to desist from non complaint practises.