Tax at Bukoto

It’s either about Uncle Barry (POTUS Barack Obama) visiting Kenya and Ethiopia (a fact no one is talking about given that he blasted the presidents), Hon Mbabazi's ambitious presidential bid (which now seems like a joke) or Hon Byandala heading to the coolers (someone had to take the bullet, willingly or not). There is practically the same news in town, nothing much to muse about. Why not give you an insight of what happened at fellowship?

Wednesday is the day the Rotaract Club of Bukoto has its fellowship, and this week the tangerines buddy group took the horns by the cow, or should I say a cow by its horns. Oh well, either way, it was a fellowship that was a worthwhile.

In the president's absence, IPP Zahara chaired fellowship, and this she did well. With the Rotaract norms, make ups & visits, introductions and Rotary information out of the way, it was time for the guest speaker to indulge us on the topic of Tax as was expected of him.

A past interact president in his high school days and later on a secretary for the Rotaract club of Uganda Martyrs Nkozi, the question everyone asked was why this man had quit the Rotaract family.

Edgar from KPMG went on to take us through indirect and direct taxes before diving into the Income Tax Act and the Value Added Tax Act to discuss the various taxes levied in Uganda as summarized below;

Pay as You Earn, is levied on individuals and is the obligation of the employer based on the residency status of the individual and the amount of money they earn.

Corporation tax is levied on companies on all business income after allowable expenses as described by the Income Tax Act.

Withholding tax is an advance tax and is the responsibility of the person making a payment to the supplier.

Value Added Tax is an indirect tax that is levied based on the nature of the supply and can be standard rated, zero rated or exempt as per the provisions of the Value Added Tax Act.

The talk about Tax Identification Numbers (TINs) got many by surprise given its necessity and importance in the days that lay ahead.

Rotarian Solomon from mother club gave the vote of thanks and awarded the guest speaker with a certificate of recognition from the club.

July babies were then celebrated. Cake was on the house and celebrations were in order. P.P Amina and Hellen from the club were joined by P.E Martin of Kyambogo for the cake cutting.

The final toast followed shortly, and fellowship was done.

A round of applause to all our guests who joined from the various Rotaract Clubs.

Do join us next week for another fun and informative fellowship.