URA Commissioner General, John R. Musinguzi, recently appeared on the Kalisoliso breakfast show to discuss the ongoing tax waiver and to encourage taxpayers to take advantage of it before the December 31st, 2024 deadline.
Under this arrangement, taxpayers only pay the principal tax as of June 30th, 2023, excluding interests and penalties.
Musinguzi highlighted that timely payments can generate approximately UGX 2 trillion out of the projected UGX 4 trillion demand from taxpayers, creating a fairer system and greater financial stability for all.
“Often, it’s the penalties that drive taxes up significantly,” he noted, emphasizing the importance of timely payments. “When I reviewed our portfolio, we project a demand of approximately UGX 4 trillion from taxpayers. If everyone pays their principal tax, we could generate about UGX 2 trillion,” he explained.
During the show, Musinguzi also addressed the hefty taxes associated with imported cars, particularly the environmental tax. He explained that vehicles over nine years old incur an environmental tax exceeding 50% to encourage the importation of newer, eco-friendly vehicles.
“For vehicles that have been in service for over nine years, the environmental tax can exceed 50%,” he explained, adding that “Importers should carefully consider these factors when planning their purchases to avoid unexpected costs.”
This tax aims to promote a cleaner and more sustainable future.
Musinguzi’s appearance on the show follows his pledge to employ a multi-faceted strategy to leverage the media to enhance tax education amongst all target audiences within the taxpaying community.
By Dismas Nuwaine
No Comments yet!