Provisional Return and Instalments (Companies)
A company files a provisional return of estimated chargeable income and pays provisional tax in two instalments during the year. Provisional tax spreads the company's income tax over the year. The amounts paid are credited in the final return, so a fair estimate avoids both a penalty and a large balance later.
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Who this applies to
- Companies and other non-individuals
- Not presumptive taxpayers
What to file
The provisional return with the estimate of chargeable income and tax for the year.
How to file
Online through the URA portal. The estimate can be revised during the year. AccountsOS does not submit to the Uganda Revenue Authority. You or your accountant file on the URA portal. Finn keeps the date on your calendar, reminds you before it falls due and shows the figures from the books your accountant needs.
Payment due
Half of the estimated tax by the end of month 6 and the rest by the end of month 12.
Penalties for missing this deadline
If the estimate is below 90% of the actual chargeable income, a penalty of 20% of the difference in tax. Late payment carries interest of 2% a month.
Filing checklist
- Estimate the year's profit from the books to date
- File the provisional return
- Pay the first instalment
- Revise the estimate if trading changes
- Pay the second instalment
- Keep the payment receipts for the final return
Documents you'll need
- Management accounts to date
- Prior year's final return
- A forecast for the rest of the year
- Withholding tax already suffered in the year
Common mistakes to avoid
- Under-estimating to keep cash, which triggers the 20% penalty
- Forgetting the second instalment on 30 June
- Not revising the estimate when profit rises during the year
- Paying the instalment without filing the provisional return
Never miss a Uganda deadline
AccountsOS tracks every Uganda Revenue Authority (URA) and Uganda Registration Services Bureau (URSB) deadline and reminds you weeks ahead.
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