- Government changes procedures of VAT payment for state suppliers
- Suppliers to ministries, departments, and agencies (MDAs) of government are not required to pay VAT on supplies at the time of delivery
- Suppliers can now pay VAT after receiving payment for their services from the government
- There is an exemption for businesses with a small turnover of sh500 million and below
- Integrated Financial Management System (IFMS) tracks financial events and summarizes financial information
- Uganda has one of the lowest tax-to-GDP ratios in the region at 14 percent
- Government aims to increase tax-to-GDP ratio to at least 20 percent in the next five years.
Source: newvision.co.ug
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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