Uganda Accounting & Tax Glossary

The income tax a Ugandan company pays on its chargeable income, which is gross income less allowable deductions. The rate is 30% for resident and non-resident companies.

A simplified final tax on turnover that applies by default to a resident small business with annual turnover up to UGX 150 million. The business can elect out and be taxed on profit instead.

Income tax paid in advance during the year on an estimate of the year's chargeable income. Companies pay it in two instalments and individuals in four.

Value Added Tax on taxable supplies of goods and services in Uganda. The standard rate is 18%, with zero-rated and exempt supplies.

Income tax deducted at source by the payer and paid to URA on the payee's behalf. The payee claims it as a credit against its own tax.

The Electronic Fiscal Receipting and Invoicing Solution run by URA. Every VAT-registered business, and non-VAT businesses in twelve gazetted sectors, must issue invoices and receipts through it.

The Tax Identification Number: a 10-digit number URA issues free of charge to every taxpayer, used for all taxes.

The Uganda Registration Services Bureau, which incorporates companies, registers business names and partnerships and receives annual returns.

The level of annual taxable turnover above which a business must register for VAT with URA.

The National Social Security Fund, Uganda's mandatory savings scheme for employees. Employers pay contributions every month.

Pay As You Earn: the income tax an employer withholds from employees' pay each month and pays to URA.

A private company limited by shares with only one member, formed under the Companies (Single Member) Regulations, 2016.