basic tax policy and compliance training …...resident companies are taxed on worldwide income...
TRANSCRIPT
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BASIC TAX POLICY AND COMPLIANCE TRAINING TO
USEA EXECUTIVE COMMITTEE MEMBERS, SECRETARIAT AND USEA
MEMEBRS
FEBRUARY 2019
Presented by Mr. Juma Buli
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Introduction and Source Rules
Chargeable Income and Deductions
DTAs and Transfer Pricing
Tax Administration
and its Procedures
Question and Answer
Introduction, Rates and Source Rules
Chargeable Income and Deductions
DTAs and Transfer Pricing
Corporation Tax Administration and its Procedures
Q & A
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Presentation outline
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Introduction and Overview of
Corporation Tax in Uganda
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Corporation tax is levied on gains or profits from
business and property income that are chargeable to
tax.
Business can be defined to include any trade,
profession, vocation or adventure in the nature of
trade.
Business does not include employment.
Dictionary definition of “trade” is the act of buying
and selling goods and services.
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Introduction and Overview
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Imposition Income tax and Rate of Tax: Income Tax is charged for each year of income.
It is imposed on every person with chargeable
income for the year of income.
Rate applicable to companies other than mining
companies is 30%.
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Introduction and Overview Cont’d…
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Imposition of Rental Tax and Rate of Tax: Rental Tax is charged for each year of income.
It is imposed on every person who has rental income.
“Rental Income”, means the total amount of rent
derived by a person from the lease of immovable
property in Uganda with the deduction of any
expenditures and losses incurred in respect of the
property. The rate applicable is 30%.
Rental income is taxed separately and is not included
in any other income of a company.
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Introduction and Overview Cont’d…
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A company is a resident company for a year of income
if it is;
Is incorporated or formed under the laws of Uganda;
Has its management and control exercised in Uganda
at any time during the year of income; or
Undertakes the majority of its operations in Uganda
during the year of income.
A non-resident company is one which is does not fall in
any of the above.
Resident companies are taxed on worldwide income
whereas non resident ones are taxed on income
sourced from Uganda.
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Residence of a Company
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Chargeable Income and Tax Deductions
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Tax is imposed on chargeable Income.
Chargeable income of a company is derived byadjusting the accounting profit before tax by theallowable and non-allowable deductions as prescribedby the Income Tax Act.
Non-allowable deductions are added back to theprofit before tax while allowable deductions aresubtracted.
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Determination of Chargeable income
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Allowable expenses to arrive at chargeable income are
prescribed in Sections 22-38 of the ITA Cap 340 as
follows:
Expenditure and losses wholly and exclusively
incurred in the production of income included in the
gross income for that year of income
Bad debts written off – subject to Sect. 24(2)
Training expenditure that is directly relevant to the
persons’ employment or business
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Allowable Deductions
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Expenses incurred prior to the commencement ofbusiness that would have been deductible if incurredafter the date of commencement i.e. 25% over 4years “start up costs”
Interest paid on borrowings made to generatebusiness income
Interest expenses for a company belonging to a groupare limited to 30% of EBITDA and can be carriedforward for 3 years.
Capital losses incurred on disposal of business assets
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Allowable Deductions cont’d...
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Scientific research expenditure incurred in the
course of carrying on a business
Repair expenses for property occupied or used in the
production of business income
Expenditure incurred during the year to acquire
depreciable assets costing less than Ugx 1,000,000
(50 currency points)
Charitable donations –not exceeding 5% of chargeable
income.
Capital allowances.
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Allowable Deductions Cont’d…
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Capital allowances and Tax
Depreciation
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A person is allowed a deduction for the depreciation
of the person’s depreciable assets.
Depreciable assets are classified into four classes as
set out in Part I of the Sixth Schedule of the Income
Tax Act with depreciation rates applicable for each
class as specified in that Part.
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Tax depreciation
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Tax depreciation rates – 6th Schedule
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A person who places an item of eligible property into service
for the first time outside a radius of 50km from the boundaries
of Kampala during the year of income is allowed a deduction
for that year of an amount equal to 50% of the cost base of the
property at the time it was placed into service.
Eligible property is P&M wholly used in production of income
but excludes motor vehicles; appliances ordinarily used for
house hold purposes; office or household furniture, fixtures &
fittings.
A person who places a new industrial building in service for the
first time during the year of income is allowed a deduction for
that year of an amount equal to 20% of the cost base of the
industrial building at the time it was placed in service.
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Initial allowance – Sec.27A
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Industrial building allowance Sec 29 - is 5% of thecost of the building after deducting initial allowanceon a straight line basis.
The same allowance applies to approved commercialbuildings whose construction commenced on or after1/07/2000.
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Industrial building deduction
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A person who has incurred expenditure in acquiring an
intangible asset a deduction in each year of income
during the useful life of the asset calculated according
to the following formula –
A/B
Where;
A - is the amount of expenditure incurred; and
B - is the useful life of the asset in whole years.
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Intangible Asset deduction
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The disallowable expenses are highlighted in sections22(2) of the ITA Cap 340 as follows:
Any expenditure or loss incurred by a person to theextent that it is of a domestic or private nature;
Any expenditure or loss of a capital nature, or anyamount included in the cost base of an asset;
Any expenditure or loss which is recoverable underany insurance, contract or indemnity;
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Disallowable expenses
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Income tax payable in Uganda or foreign country;
Any income carried to a reserve fund (provisions) or
capitalized in any way;
The cost of a gift made directly or indirectly to an
individual where the gift is not included in the
individuals gross income;
Unrealized foreign exchange losses
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Disallowable expenses Cont’d…
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Any fine or similar penalty paid to any government or
political subdivision of a government for breach of
any law or subsidiary legislation;
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Disallowable expenses Cont’d…
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Illustration - Determination of chargeable
income (Tax computation)
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Capital Gains Tax
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Capital gains (w.e.f 1 April 1998)
Capital gains are gains arising on disposal of a
business assets.
It is calculated by subtracting the cost base of the
asset from the consideration received for the
disposal.
Capital gains are taxed with other business income at
30%
A loss arising on the disposal of a business assets is
the excess of the cost base of the asset over the
consideration received for the disposed asset. It is
tax deductible
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Capital Gains Tax
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Tax Administration and its
Procedures
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The Income Tax Act requires that a tax payer’s
method of accounting conforms to the Generally
Accepted Accounting Principles.
A taxpayer may account for tax purposes either on a
cash or accrual basis. Changes can only be approved
by the Commissioner.
For an accrual basis, the amount is treated as
incurred or payable when the events that determine
the liability have occurred.
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Tax Accounting Principles
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Adjustments resulting from change in accounting
method must be made in the year of income
following the change.
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Tax Accounting Principles
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Fillings and Due dates of submission of
Tax Returns
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Provisional returns. A provisional return should be filed by the end of
sixth month after commencement of a year of
income.
An amended return (if required) should be filed by
the end of the accounting period.
Provisional tax returns are based on the projected
chargeable income for a year of income
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Fillings & due dates
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Final Returns These are filed by the end of sixth month after the
end of the year of income.
Where a person is unable to file the return by the
due date, he can apply for extension of time to
furnish a return.
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Fillings & due dates Contd…
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Payment of corporation tax Section 16(8) (c) requires a taxpayer to file a
provisional return with the Commissioner by the duedate for the payment.
1st Installment by end of sixth month aftercommencement of the year of income;
2nd and last installment payable by the last day ofthe year of income.
Final tax- where final tax (per accounts) exceedsprovisional tax paid, the excess is payable by the duedate of filing the final self assessment return (sixmonths after year end).
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Fillings & due dates Contd…
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Assessments, Penalties, Objections and
Appeals
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Tax Procedure Code Act, 2014, is the legal framework intended to consolidate tax procedures.
Self assessments- voluntary compliance.
Administrative assessments- failure to furnish a self assessment, possible non-compliance, additional assessment amending a tax assessment.
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Assessments and Penalties
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Section 48 of the TPCA- failure to furnish a return attracts Penal tax of 2% per month or Ugx 200,000 whichever is higher.
Interest -Simple Interest is payable on unpaid tax at a rate of 2% (Sec 136).
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Assessments and Penalties cont’d…
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A person who disputes an assessment may by notice
in writing to the Commissioner, object to the
assessment.
The notice should state precisely the grounds of
objection to the assessment.
It should be received by the Commissioner within 45
days after the date of service of the notice of
assessment.
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Objections & appeals
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The Commissioner may;
- amend the assessment in accordance with the
objection; or
- amend the assessment in the light of the objection
according to the best of his/her judgement; or
- refuse to amend the assessment.
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Objections & Appeals Cont’d…
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In-other words, the Commissioner may allow or
disallow the objection and must communicate the
objection decision within 90 days of receipt of the
objection lest the tax payer elects to treat the
Commissioner as having made a decision to allow the
objection as lodged.
A taxpayer can apply for review of the objection
decision to the Tax Appeals Tribunal (TAT) within 30
days after being served with the objection decision.
Decision of the TAT may be appealed to the High
Court within 30 days after service of the decision.
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Objections & Appeals Cont’d…
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Double Taxation Agreements
(DTAs) and Transfer Pricing
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Uganda has entered into double tax treaties with
Denmark, India, Italy, Mauritius, the Netherlands,
Norway, South Africa, United Kingdom and Zambia.
DTAs avoid double taxation of the same income by
allocating taxing rights to a particular jurisdiction.
DTAs also provide for reduction of WHT rates for
payments such as dividends, Interest, management
fees.
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DTAs
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Transfer pricing Regulations were introduced in July
2011, which in principle follow the OECD guidelines.
In addition to transfer pricing documentation for
cross border transactions, Uganda also requires
documentation for local.
The purpose of Transfer Pricing Regulations is to
ensure that Uganda gets its fair share of tax. They
require that related party transactions should be at
arms-length. In other words, Transfer Pricing
Regulations demand that related parties deal with
each other the same way they would relate with
independents.
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Transfer Pricing
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Presentation by;
Mr. Juma Buli and
Miss. Florence Kabagumya
Tax Compliance and Advisory Services
BDO EAST AFRICA ADVISORY
SERVICES LIMITED
6th Floor Block C, Nakawa business Park
Plot 3-5 New Portbell Road Nakawa
P.O Box 9113 Kampala
Email: [email protected]
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The information contained herein is of a general nature
and is not intended to address the circumstances of any
particular individual or entity. Although we endeavored to
provide accurate and timely information, there can be no
guarantee that such information is accurate as of the date
it is received or that it will continue to be accurate in the
future. No one should act on such information without
appropriate professional advice after a thorough
examination of the particular situation
Disclaimer