Ms. Hasfa Seguya, Tax Auditor Consultant at Uganda Revenue Authority recently engaged the business owners on how to comply with URA. This was at an engagement dubbed Become a Better Entrepreneur weekly online series organised by the MUBS Entrepreneurship Innovation and Incubation Centre on January 25, 2024. She advised the business owners to formalize their businesses for compliance.

A fully formal operating business in Uganda, must be registered with Uganda Registration Services Bureau (URBS) and obtained a business or company name; registered for taxes with URA and obtained a Tax Identification Number (TIN) and has secured permission to trade in any desired area/place through obtaining a trading license.

She explains that a business that has been registered formally, gains credibility, is headed for growth and continuity, has a right to be heard and attracts investors. Ms. Seguya also explained that taxes eligible for SMES are income tax, withholding tax payee, Value Added Tax, Pay As You Earn and LED and the registration requirements include for a certificate of Incorporation and company form 20 for non individuals and a Business registration certificate for businesses.