The Uganda Revenue Authority on Tuesday engaged taxpayers under the umbrella of the Small-Scale Industries Association (USSIA) on matters of compliance, business formalization, and the Electronic Fiscal Receipting and Invoicing Solution (EFRIS), amongst many other things.
USSIA is a non-governmental organization that promotes and develops small-scale value-added industries. With about 45 years of existence in the country, the lobbying body consists of over 6,000 members and 146 registered SMEs that have completed over 500 profit-making business projects.
This undoubtedly makes these SMEs cardinal players in Uganda’s business community.
Mukundane Michael, a tax literacy officer, implored the current and prospective small business proprietors camped at UMA showgrounds to formalize their businesses.
“One of the first and foundational elements of a business is its identification. Every business owner must have a tax identification number,” said Mukundane before he added, “This helps in the interaction between you and URA.
Lodia Vicky, a tax literacy officer based at Boulevard, shared a step-by-step exposition on the EFRIS system. She demystified the system, saying that it was merely a solution and not a tax imposed on the taxpayer.
“The solution also helps you keep your records safely; every transaction you make is saved. This in turn helps you track your stock and, as such, become efficient at your business transactions,” said Lodia as she shared the benefits of using EFRIS. Find full story