Uganda Revenue Authority (URA) has contracted Aisino Corporation, a Chinese company, to provide electronic invoicing and receipting services in a bid to streamline tax administration.
URA said the services, which will be rolled out in the 2019/20 financial year, will help to mitigate challenges such as poor record keeping, fictitious VAT input tax invoices and incomplete disclosure of business transactions.
Ms. Patience Rubagumya Tumusiime, the URA acting commissioner general, in a statement on Tuesday, said the technology will enable them to create a voluntary and compliant taxpaying culture among businesses.
Ms. Tumusiime said URA’s strategic focus is to maximize revenue yield from a current tax-to-GDP ratio of 13.8 percent to 16 percent by the end of the 2019/20 financial year and that technology will enable them to achieve this.
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 the overseas business, said they would deliver the project within the set time frames.