IFRAME SYNC
Home » News » Uganda news » Traders Tipped On Changes In URA’s Valuation Database
Traders Tipped On Changes In URA's Valuation Database

Traders Tipped On Changes In URA’s Valuation Database

Uganda Revenue Authority has tipped local traders on changes in it’s valuation database. This is as it embarks on the process of amending its valuation database to ensure uniformity in the customs values of imported goods.

To ensure smoothness in this process, the tax body reached out to different stakeholders to get their input. It was against this background that they met with representatives from the textile industry.

The purpose of the meeting was to update the industry players on the valuation database change and to discuss the difficulties they are having with the valuation procedures.

Fred Sekimpi, the Chairperson of the Uganda Tailors Association expressed concern about the rigid tax laws. This is especially the “arrogance of officers,”. Then the 35% import duty on imported clothing and textiles. And finally smuggling, which he said creates discrepancies and unfairness in the market.

“As tailors, we are the end manufacturers in the textile and garments industry. So with the valuation of textiles going up, we are struggling to buy fabric as it is expensive. As a result, importers will not import commodities that are not being consumed on the market,” he said

Sekimpi also expressed dissatisfaction with the protracted appeals process, and delays by the Document Processing Centre and the Uganda National Bureau of Standards. He alleges that these delays negatively impact their businesses.

In response, Dr. Elimeleki Acidri, the supervisor of customs, noted that URA resolved to engage different stakeholders to mitigate challenges.
These include unfair valuation, under-declaration by traders, and outright smuggling of garments and textiles, which is affecting traders’ cash flow and markup.

Acidri asked the traders to report to the URA any attempts at tax evasion. “Since customs revenue collection is a significant source of national revenue, it is crucial to identify customs value fraud,” he added.

His words were a comfort to traders who thanked URA for including them in the database update process.

He also expressed hope that the use of the revised values will guarantee equitable treatment for all and guarantee that everybody pays their fair share of taxes.

Check Also;

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.

Donate Button with Credit Cards

Comments

comments

Loading...

About Eninu William

Meet William, a seasoned news editor with a five-year experience in the fast-paced world of journalism. William's passion for storytelling and commitment to accuracy have propelled him through various roles. As a news editor, his responsibilities extend beyond just overseeing the day-to-day operations of a news team. He plays a crucial role in shaping the editorial direction of his publication, ensuring stories are not only timely and relevant but also adhere to the highest journalistic standards. With a finger on the pulse of current events and a deep understanding of the ever-evolving media landscape, William is always ahead of the curve.
Loading...
x

Check Also

Muwadda Nkunyingi Embarrassed For Posting Fake Letter Of Government Apology To US Ambassador

Muwadda Nkunyingi Embarrassed For Posting Fake Letter Of Government Apology To US Ambassador

Hon. Nkunyingi Muwadda has been left embarrassed after he posted a fake letter alleging that ...