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URA Acquires Chinese Company For Electronic Invoicing

Uganda Revenue Authority (URA) has acquired a Chinese firm known as Aisino Corporation to specifically provide the electronic invoicing and fiscal receipting solution.

Check also: Government Faulted On Tax Policy

According to URA, the problem solving solution seeks to reduce tax administration deficit while supporting efficiency.

The tax collecting agency has been facing a number of challenges in tax administration which includes, insufficient declaration of business transactions, false VAT input invoices and poor record keeping.

The initiative which will be unveiled in 2019/2020 financial year will help reduce similar challenges.

The acting commissioner for URA, Ms Tumusiime Rubagumya Patience said in the statement that the tax collecting agency focuses on maximizing revenue earnings from the contemporary tax to GDP ratio of 13.8% to 16% by the end of financial year 2019 / 2020.

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