It was all smiles for suppliers to the government of Uganda to hear of an amendment to the Value Added Tax (VAT) Act that allowed them to account for VAT on cash basis. Previously, suppliers to government were required to account for VAT at the time they invoiced for the taxable supplies made even when payment had not been received. Only persons with taxable supplies not exceeding Shs500 million in annual revenue were eligible to use the cash method for purposes of accounting for VAT regardless of who they supplied to.
Source: monitor.co.ug
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