Kampala. Uganda Revenue Authority (URA) has procured the services of Aisino Corporation to provide the Electronic Fiscal Receipting and Invoicing Solution.
The solution, according to URA, seeks to mitigate tax administration shortfalls while promoting efficiency.
URA, a statement said, it has been encountering a number of challenges, especially in tax administration including poor record keeping, fictitious VAT input tax invoices and incomplete disclosure of business transactions.
The solution, which will be rolled out in the 2019/20 financial year, will help to mitigate such challenges.
Deloitte defines Electronic Fiscal Receipting and Invoicing Solution as a commercial document with tax implications that are generated, expressed and transferred electronically.
Ms Patience Rubagumya Tumusiime, the URA acting commissioner general, said in a statement, URA’s strategic focus is to maximise revenue yield from a current tax-to-GDP ratio of 13.8 per cent to 16 per cent by the end of the 2019/20 financial year.
URA, she said will leverage on technology to create a voluntary and compliant tax paying culture among businesses.
Electronic Fiscal Receipting and Invoicing Solution is expected to further improve the URA-taxpayer relationship by expeditiously processing refunds, promoting transparency in declarations and in effect promoting tourism and investment.
A project team has been set up to ensure effective implementation and execution of works by Aisino Corporation.
Mr Jia Xiqiang, the Aisino Corporation general manager of overseas business, said they would deliver the project within the set time frames.
URA has in the past complained of non-compliant tax payers who not only misinvoice but also underclare sales to cheat their tax obligation.
SOURCE: Daily Monitor
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