The State Minister for Finance, Planning, and Economic Development, Amos Lugoloobi, announced that the Electronic Fiscal Receipting and Invoicing Solutions (EFRIS) have gained traction among taxpayers, with over 24,000 individuals embracing the system. <\/p>\n\n\n\n
Despite initial protests from traders, Lugoloobi emphasized the benefits of EFRIS, including streamlined record-keeping, simplified tax filing, accurate tax assessments, and expedited refunds.<\/p>\n\n\n\n
Speaking during a parliamentary session on Thursday, April 18, 2024, Lugoloobi highlighted the proactive approach taken by taxpayers in adopting EFRIS. “24,000 taxpayers have voluntarily integrated EFRIS into their operations due to the substantial advantages it offers,” he stated. Lugoloobi added that the implementation of EFRIS is a crucial step towards expanding Uganda’s tax base and ensuring that all eligible taxpayers fulfill their obligations.<\/p>\n\n\n\n
“By adopting EFRIS, those who have previously evaded taxes are now held accountable,” Lugoloobi noted. The initiative has also been widely embraced, with 56,000 registered taxpayers and 32,000 VAT-registered taxpayers utilizing the system.<\/p>\n\n\n\n
To further increase awareness and ease of use, Lugoloobi outlined plans to establish taxpayer service offices in strategic locations such as Kikuubo and other key trading areas. “We aim to provide ongoing training and support to stakeholders through the establishment of these service offices,” he said.<\/p>\n\n\n\n
Lugoloobi also acknowledged the need for improved tax collection methods to raise Uganda’s tax-to-GDP ratio, which has remained around 13%\u2014well below the sub-Saharan average.<\/p>\n\n\n\n
In response to a request from the Speaker of Parliament, Anita Annet Among, Lugoloobi committed to collaborating with the Minister of Microfinance to address the issue of interest rates charged by money lenders. “We will engage with the microfinance minister to gather more information and work towards developing regulations to manage interest rates,” he assured.<\/p>\n\n\n\n
Lugoloobi’s remarks reflect the government’s dedication to promoting transparency, efficiency, and fairness in the country’s financial systems while ensuring a sustainable path to economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
The State Minister for Finance, Planning, and Economic Development, Amos Lugoloobi, announced that the Electronic Fiscal Receipting and Invoicing Solutions (EFRIS) have gained traction among taxpayers, with over 24,000 individuals embracing the system. Despite initial protests from traders, Lugoloobi emphasized the benefits of EFRIS, including streamlined record-keeping, simplified tax filing, accurate tax assessments, and expedited […]<\/p>\n","protected":false},"author":1,"featured_media":3089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-3086","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"\n