Bharat Gheewala praises URA's integrity, citing his positive credit note experience.
Investor Bharat Gheewala recently shared his experience with the Uganda Revenue Authority (URA) at the 13th UK-Uganda Trade Summit, praising the authority for its integrity and efficient handling of tax-related matters. Gheewala's encounter with URA involved resolving unpaid taxes that had accumulated over ten years. He was pleasantly surprised when URA responded with a credit note of about 8 billion, an action he commended for its transparency and fairness. This experience, Gheewala said, is a testament to URA's commitment to integrity and professionalism.
His story was highlighted in the context of the summit, which focused on “Unlocking Uganda’s Trade Investment and Export Potential.” The event included high-level discussions, networking opportunities, and sessions designed to strengthen economic ties and boost exports. It provided a crucial platform for investors like Gheewala to explore opportunities in various sectors.
During the event, URA also addressed the challenges of understanding ledgers due to technology migration, and the steps taken to rectify any discrepancies. The Commissioner General of URA mentioned a team dedicated to reviewing ledgers to resolve any credit or tax dues. This proactive approach signifies URA’s commitment to maintaining accuracy and fairness in tax matters.
Furthermore, URA highlighted a law waiver for interest and penalty on unpaid taxes, encouraging taxpayers to settle their liabilities. This initiative is part of Uganda’s effort to create a more business-friendly environment, ensuring that investors like Gheewala can operate efficiently and confidently in the country.
The 14th UK-Uganda Trade & Investment Summit, scheduled for September 6, 2024, will continue these discussions, offering more opportunities for investors to engage with Uganda’s growing economy. Registration for the event is now open at Event Registration, promising another platform for enhancing trade and investment ties between Uganda and the UK.
Summary: “The speaker highlighted the various tax incentives and investment opportunities in Uganda, particularly in strategic sectors like agriculture, education, and tourism. Emphasis was placed on the tax benefits for developing industrial parks and producing for export, encouraging Ugandans in the diaspora to invest back home.”
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Preview of the 13th Annual UK-Uganda Convention 2023, scheduled for September 8, 2023, in London, hosted at the esteemed Blue Orchid Hotel, London.
