Klans

The last born of the clan against common nosense, Rts aren't endorsements. CPA & Man U Fan

[Klans @Clanschief]

Previously on your streets

[Chante* @tumuphyl]

Here.

[U.S. Embassy Kampala, Uganda @USEmbassyUganda]

📣 Visa applicants, take note!
Starting now, if you’re applying for a student visa (F, M, or J category visa), make sure your social media accounts are set to public. This helps with the identity and admissibility checks required by U.S. law.
🚫 Not including this info could result in a visa denial or make you ineligible for future visas.
📝 Be honest, double check your application, and make sure everything is accurate before submitting!
More info here: https://t.co/eyxCMHC6eG

[Owusu Bempah Ayala @Akwasi_Ayala]

Ghana 🇬🇭 are we ready to move? 🤔

[Klans @Clanschief]

@BoucherNicolas Audit checklist

[Klans @Clanschief]

@soulloved87 @safonyameherbal @grok explain this

[Klans @Clanschief]

It’s like Yesterday!!!
Do you remember when you joined X? I do! #MyXAnniversary

[Klans @Clanschief]

@WilliamsRuto Somehow I feel like I should be a Kenyan atleast for one day. But M7 can’t allow that😭😭

[Speedline @speedlne]

I’m fully supporting my Kenyan brothers and sisters 🇰🇪

#REJECTFINANCEBILLW024 #RejectTheFillanceBill2024

[KAA (Kampala Associated Advocates) @KAAdvocates]

TAX ALERT: Banks liable to withhold tax on payments made to foreign banks for facilitating international payments.

The Tax Appeals Tribunal in the case of ABSA Bank Uganda Ltd v Uganda Revenue Authority, recently enunciated and/ or reiterated certain principles that will affect the operations of local Banks and increase the cost of banking/ asset financing.

Among other findings, the Tribunal found that money charged to a customer to facilitate international payments (nostro charges) amount to management fees on which Withholding Tax (WHT) is applicable. The Tribunal rejected the Bank’s argument that the charges are paid by the customer and not the Bank. The Tribunal held that though the Bank pays the nostro charges on behalf of its clients, it is the one that actually effects payment, therefore it has an obligation to withhold taxes on behalf of its clients. That it does not make legal sense for the clients to withhold taxes when the nostro accounts are held by the
Bank.

Another issue related to charging VAT on initial deposits made by customers in asset financing. The Tribunal reiterated its ruling in NCBA Vs. URA that where a customer contributes to an asset purchase and the Bank claims input VAT on the entire value of the asset purchased, then the Bank is also liable to account for charge VAT on the customer’s contribution/ initial deposit. The Tribunal noted that if you seek equity then you must come with clean hands.

The third issue was on claiming of accrued interest as an allowable deduction. The Tribunal noted that when a taxpayer uses the accrual method, interest has not yet been paid but is accruing. That where the Bank treats accrued interest as a deduction, then it would have to treat the accruable income that would give rise to the accrued interest in the gross income. The Tribunal concluded that a taxpayer should use one accounting method and not both unless it wants to create confusion. That by treating accrued interest as a deductible without considering the accrued income, the Bank distorted the chargeable income.

The above ruling is likely to have a ripple effect as the WHT on nostro charges will be added onto the taxpayer and furthermore, the output VAT on customers initial deposits will render asset financing expensive.

[Klans @Clanschief]

Do you remember when you joined X? I do! #MyXAnniversary

[Klans @Clanschief]

@Joelofficial82 Share contact details

[Klans @Clanschief]

@Airtel_Ug @cpmayiga Which branches do ESim registration

[Robert Sharp Mugabe (BSE,CIPR) @SharpMugabe]

Because of high public demand, we have put together a user guide for the Online Business Registration System. It contains everything you need to know in regard to accessing @URSBHQ services via OBRS

CC: @Mercykains
👌#OpenGovUG
https://t.co/9ogTYIJxD8

[Jim Spire Ssentongo @SpireJim]

Dear donors …
@usmissionuganda @USAmbUganda @USAID @USAIDGH @WHOUganda @AnitahAmong @Thomas_Tayebwa

[Jim Spire Ssentongo @SpireJim]

Kamuli General Hospital, Female ward, after yesterday’s heavy down pour. Imagine being critically ill, and this happens in your ward - repeatedly! #UgandaHealthExhibition @DianaAtwine @JaneRuth_Aceng @MinofHealthUG @usmissionuganda @KagutaMuseveni

[Klans @Clanschief]

@twizere77 @ZelletMenz Price of 2nd piece

[Klans @Clanschief]

@URAuganda My inquiry is about small bss who falls under presumptive tax regime. We are charged VAT on every sale we make. We would love to register for VAT. But our question is do small bss also claim for VAT on supplies and Purchases. Or we ignore and keep paying.

[Klans @Clanschief]

@SMChelangat @URAuganda @URA_CG @bbossa @nalongohawt @EstherOdora @SRKimbugwe @MaleMosesSyza Good mrng Commissioner. My inquiry is about small bss who falls under presumptive tax regime. We are charged VAT on every sale we make. We would love to register for VAT. But our question is do small bss also claim for VAT on supplies and Purchases. Or we ignore and keep paying.

[Klans @Clanschief]

They say legends never die. RIP GOAT

[Klans @Clanschief]

@wecosmas @LuckyMbabazi Sorry about that. But if u believe in God, you have another family