Two weeks to the finish of the current financial year, the Uganda Revenue Authority (URA) is in a confrontational mood, cautioning shippers that they risk higher fines for covering and under-declaration of products.
URA is multiplying its fine for under-declaration and concealment from Shs36M to Shs72M, trusting it that this will manage the increasing examples of the practice, which URA has somewhat blamed for its revenue shortage of Shs240.2B this year.
“The maximum punishment will be increased to improve compliancy, so I simply need to alert those who like that practice that it can be exceptionally unsafe. It can wipe out the capital in the event that it is applied. So ensure you declare effectively,” said Dickson Katushumbwa, Commissioner customs, URA.
URA officials divulged the new fines as a major aspect of a series of new proposition during the URA Annual Budget Breakfast meeting held in Kampala on Monday.
The tax body is pushing for activities that will incite better consistence from citizens as it tries to accomplish its set target of Shs15 trillion for the coming financial year.