By Ritah Kemigisa
The financial year closes today, and that means it is the deadline for businesses whose tax year of income is aligned with the fiscal year.
For such businesses, June 30th is the 12-month point of the tax calendar.
Uganda Revenue Authority is therefore urging all taxpayers to file their returns and pay their due taxes before the close of business today.
The authority’s acting Assistant Commissioner, Public and Corporate Affairs Ian Rumanyika says failure to file and pay Income Tax will attract a penalty and interest.
“The late filing of a tax return attracts a penalty which is the greater of 2 per cent of the gross tax liability or Shs200,000 per month for which the return is outstanding. The late payment attracts interest at a rate of 2 per cent per month on the unpaid amount,” says Mr Rumanyika.
Rumanyika advises all people intending to make payments to use their online services to reduce exposure to the COVID-19 virus but quickly adds that their offices are also open for those who cannot be accessed online.