What Is A Tax Agent?
A tax agent is a person licensed by the Tax Agents Registration Committee (TARC) to handle tax issues on behalf of the tax payer and he/she can be an individual, partnership, or company. All taxpayers whose annual turnover is 500 m or more are required to have a tax agent.
How To Become A Tax Agent In Uganda?
Requirements to be registered as a tax agent.
A degree or a post-graduate award from an approved tertiary institution in the discipline that is relevant for the provision of tax agent services; or.
Completed a course in taxation that is recognized by the Tax Agents Registration Committee.
What Is The Role Of A Tax Agent In Uganda?
Preparing returns, notices, statements, applications or other documents about your client’s liabilities, obligations or entitlements under a taxation law. Lodging returns, notices, statements, applications or other documents about your client’s liabilities, obligations or entitlements under a taxation law.
What Are Tax Agent Services In Uganda?
Tax agent services relate to: working out or advising about liabilities, obligations or entitlements of clients under a taxation law.
What Is The Difference Between A Tax Agent And An Accountant In Uganda?
A tax agent is more concerned with your compliance with tax law, and will give you advice about it when you need. They’ll also file your statements and represent you to the tax commissioner. An accountant, on the other hand, is your strategist. Their business is helping you pay less tax.
What Do I Need To Take To Tax Agent In Uganda?
You will need to provide documents to prove your income from as many sources that you receive income from. This could include cash payments, any rental income, online income and anything earned from the sharing economy, such as Uber driving.
Can A Tax Agent Prepare Financial Statements In Uganda?
Tax Accountants are usually employed by small business owners to assist with the preparation of financial statements that reflect business performance.
Can Tax Agents Give Financial Advice In Uganda?
Unless your accountant has an AFSL (and some do), they cannot provide advice about financial products.
Who Pays Withholding Tax In Uganda?
According to Section 83(1) of the ITA, a tax is imposed on every non-resident person who derives any dividend, interest, royalty, rent, natural resource payment, or management charge from sources in Uganda.
What Are The Components Of The Tax Agent Services Legislative Package In Uganda?
The tax agent services legislative package consists of the.
Tax Agent Services Act 2009.
Tax Agent Services Regulations.
Tax Agent Services (Transitional Provisions and Consequential Amendments)(Transitional Act).
Should I Use A Tax Agent In Uganda?
One of the biggest advantages of using a tax agent is that you get peace of mind. Choosing to lodge through an agent or accountant ensures you’re compliant with tax laws and you can rest easy knowing your return has been accurately prepared.
What Are Tax Exemptions In Uganda?
The exemption is limited to the following activities: Processing of agricultural goods. Manufacture or assembly medical appliances, medical sundries or pharmaceuticals, building materials, automobiles, household appliances. Manufacture of furniture, pulp, paper, printing and publishing of instructional materials.
How Do I Prepare My Tax Return In Uganda?
Last-minute Tips to Help You Prepare for Tax Time
Gather all your documents in one place. The more organised you are, the less stressful the process will be and the more likely you are to maximise your deductions.
List all work-related expenses.
Decide how you’ll lodge your tax return.
Seek help from experts.