Virtually everything you do has tax consequences. Every monetary transaction you complete (domestic or international, business or personal), has direct or indirect tax consequences. Because tax policies and rules are continuously changing, it is important to consult with a team of tax advisors who will ensure you comply with these laws and pay the least amount of tax possible.
At LIBRA Advocates and Consultants, we appreciate the unique nature of tax law and the fundamental principles that underlie its interpretation and application. Our team of experts is at hand to offer tax solutions for all business categories. Do not hesitate to call on us with your tax problems. We shall provide the solutions.
LIBRA Advocates and Consultants provide a full range of business and personal taxation services to a wide range of clients, from the largest multinational companies to owner managed businesses and individuals. Working with you one-on-one, we take the time to understand your unique situation and deliver the services you need to achieve your goals.
At LIBRA Advocates and Consultants, we have adopted a proactive approach which aims at mitigating your tax exposure and minimize your tax costs by conducting tax compliance checks and in-depth tax health checks prior to UGANDA REVENUE AUTHORITY audit undertakings. Specifically, we offer the following services all with the aim of ensuring that you exhibit a high level of tax compliance, guard you against tax shocks and minimize your tax exposure and tax costs.
Our Team has a wealth of experience in all aspects of tax matters in the region, and we provide tax advice to a diverse group of clients. Our tax practice is manned by experienced professionals who have had prior experience from and with the Uganda Revenue Authority and the big international audit firms to deliver the greatest value to our clients against high international standards. We can confidently say that we have one of the most vibrant tax practices in Uganda providing a range of tax services including tax consultancy and planning, tax health checks, tax trainings, International mobility Services, Tax diagnostic and optimization review services, tax litigation and representation before the UGANDA REVENUE AUTHORITY.
Offered services under taxation
There can be significant consequences for ignoring the impact of tax legislation on the Agreements and Contracts that we execute in the course of doing business. Taxation touches on a great variety of issues which can leave you short changed if not addressed. It is not always about what is in the contract but also what is missing, so we will advise you on any additional points you need to consider and help you reduce your risks.
All taxpayers are required to apply online fora Tax Identification Number (TIN) which becomes the taxpayer’s key identifier for any tax related transaction or declaration. A TIN is issued against specified tax heads or tax types and this therefore requires a taxpayer to understand, at the time of applying for the TIN, all the tax types that will become applicable to the registered business. Failure to get it right at the time of applying for registration could result in non-compliance which could yield estimated assessments, penalties and interest.
All tax returns are required to be filed electronically through e-tax by their due dates. Taxpayers are required to file correct and complete returns, and to provide all the necessary information required in the return. Failure to comply with this requirement may render a return false or misleading, resulting into punitive penalties.
Every taxpayer, whether registered or not, is required by virtue of a particular business activity, to voluntarily comply with certain tax obligations and failure to do so results in sanctions. The sanctions may take the form of compulsory registration, estimated assessments, penalties, interest and even prosecution. We can assist you to review your compliance history and status, and also review your business activities with a view to guiding you on your compliance obligations. This ensures that any tax risk is detected early and corrective measures taken immediately to avoid punitive penalties.
A tax health check is an in-depth review of your tax declarations with a view to identify any tax issues and exposures. We review your tax returns together with the financial statements and other supporting accounting records to detect any errors or omission or commission that may have been made at the time of filing a tax return or making a tax declaration to UGANDA REVENUE AUTHORITY. Corrective action can then be taken to minimize your exposure to additional assessments, penalties and interest.
Many a time, taxpayers are denied certain facilities like TCCs (Tax Clearance Certificates) and Withholding Tax Exemptions; or demand notices and Agency Notices are issued against a taxpayer just because the tax position as per UGANDA REVENUE AUTHORITY records is different from the tax position known to the taxpayer. These variances can result into serious consequences to the taxpayer and the delay in reconciling the correct tax position can be very frustrating and could affect business decisions and opportunities. We can assist you to reconcile your tax position for various tax heads with the UGANDA REVENUE AUTHORITY position and thus ensure that you enjoy uninterrupted services from the UGANDA REVENUE AUTHORITY and are not burdened by un-reconciled tax demands.
UGANDA REVENUE AUTHORITY conducts routine and comprehensive tax audits on selected taxpayers every year. The audits may cover a single tax head or issue, or they may cover all tax heads of the business. The audits may entail a review of all the business records and the declarations made by the taxpayer to UGANDA REVENUE AUTHORITY over a specified period. Because of the complexity of tax law and its interpretation, many taxpayers are not in a position to challenge or question a position taken by UGANDA REVENUE AUTHORITY on a particular transaction and therefore end up being assessed to tax on transactions that are not subject to tax. Sometimes taxpayers are not able to explain the circumstances of a given transaction and the transaction is given a wrong tax treatment by the UGANDA REVENUE AUTHORITY. We can assist you in managing UGANDA REVENUE AUTHORITY audits and thus help you to reap the maximum benefits available under the tax laws. We can advise and guide on how to prepare for and manage tax audits, and assist in any subsequent tax reconciliations that may become necessary.
Estimated or additional assessments may be raised against you for default in complying with a tax obligation or upon discovery of new information regarding your business or declarations to UGANDA REVENUE AUTHORITY. In that case, you must object to the assessment within a given number of days or pay the assessed tax. In order for an objection to be valid, it must be made within the stipulated time period and you must have good grounds and documentation to support the grounds. In the event that UGANDA REVENUE AUTHORITY does not agree with your objection, you have recourse to TAT (the Tax Appeals Tribunal) or the High Court.
At this appeal level, you cannot introduce new grounds for your objection. It is therefore important that an objection to an assessment must be properly made and with valid grounds. We can assist you in objecting to tax assessments and supporting your case before the UGANDA REVENUE AUTHORITY. In the event that you must appeal to TAT or the High Court, our team will be able to assist you accordingly.
A taxpayer who is dissatisfied with an assessment or a decision made by UGANDA REVENUE AUTHORITY has a right to first object against the assessment or decision to UGANDA REVENUE AUTHORITY. If UGANDA REVENUE AUTHORITY makes an objection decision that you are still dissatisfied with, you have the option of appealing to TAT or the High Court for a review of the objection decision made by UGANDA REVENUE AUTHORITY. We can assist and represent you in all your tax litigation matters.
In house training has proven to be a very popular method of keeping staff up to date with tax issues in a relaxed and familiar environment where they can feel free to ask questions and discuss client issues. It is an economic method of providing internal tax training programs for accounting staff. We offer targeted training at the right level to meet individual requirements. We can design a training package to suit you or you can brief us on your specific requirements and we shall plan accordingly.
With more and more companies operating across borders, many are falling victim to increasingly complex international tax rules. Once a company goes international, the complexity of its business operations typically rises dramatically. This rise in business complexity goes hand-in-hand with a significant increase in tax complexity.
The reasons for the increased complexity can be attributed to several factors including more complex transactions requiring more analysis and understanding to appropriately apply tax law; the existence of international transactions brings into play a whole set of complex international tax provisions within the domestic law; and the existence of cross border transactions means that tax laws in multiple jurisdictions, often with differing taxing methods and positions, must be navigated.
These factors can lead to uncertainty, and potential exposure, with regard to a company’s tax liability. We can assist you in reviewing your international transactions and guide on the most efficient and effective transaction path to adopt.
Other Tax services
- Corporate Tax Services
- Personal Tax Services
- International Tax Services
- Indirect Tax Services (VAT)
- Tax Services for restructuring, Mergers & Acquisitions
- Tax planning solutions
- Transfer Pricing advisory