URA Warns Taxpayers: File and Pay Monthly Returns Early to Avoid Costly Penalties
The Uganda Revenue Authority (URA) has called on taxpayers to file their monthly tax returns and complete the required payments ahead of the respective deadlines to avoid penalties and interest associated with late compliance.URA says early filing gives taxpayers an opportunity to organise their financial records, prepare accurate returns and make payments in good time instead of waiting until the last minute.The tax body has cautioned that delays in filing or paying taxes can result in additional financial costs.
Such charges can place unnecessary pressure on businesses and affect their cash flow and day-to-day operations.According to URA, maintaining timely compliance also helps taxpayers keep their tax records in good standing. Businesses that consistently meet their obligations can avoid disruptions that may arise from unresolved tax liabilities.
Taxpayers have therefore been encouraged to plan for their monthly tax obligations as part of their regular business activities. Preparing returns early can also help identify missing information or errors before the filing deadline.URA further noted that acting early provides taxpayers with sufficient time to address technical or other challenges that may arise while submitting returns or making payments.
The authority has urged individuals and businesses to take their tax responsibilities seriously, noting that compliance not only helps taxpayers avoid unnecessary costs but also contributes to the smooth functioning of business activities.URA has advised taxpayers to follow the detailed guidance provided in its public notice and ensure that their monthly returns are accurately filed and payments made within the prescribed deadlines.
