URA Urges EFRIS Adoption at Banks Conference

Summary:

URA urges early adopters of EFRIS to support others. Commissioner General emphasizes benefits at banks conference. Winners announced: Diamond Trust Bank, Guaranty Trust Bank, Stanbic Bank.

The Uganda Revenue Authority (URA) has urged early adopters of the Electronic Fiscal Receipting and Invoicing Solution (EFRIS) to assist their counterparts facing challenges, aiming for the full integration of EFRIS.

During the URA 7th Annual Appreciation Banks Conference at Kampala’s Sheraton Hotel, URA Commissioner General John Rujoki Musinguzi emphasized the importance of support from those already benefiting from EFRIS. He stressed that their testimony about the system’s advantages could significantly reduce the cost of doing business, benefiting both traders and tax authorities.

Musinguzi’s call follows recent protests by traders in downtown Kampala against EFRIS, which ended after discussions with President Yoweri Museveni.

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He commended the banking sector for its tax compliance, attributing it to their pioneering role in EFRIS, which has facilitated seamless revenue mobilization for the government.

Musinguzi also underscored the significance of financial technology, highlighting its role in enabling traceable transactions, efficient data management, secure record-keeping, and automated tax calculations, thereby simplifying compliance for taxpayers.

Moses Ogwapus, representing the Ministry of Finance, Planning, and Economic Development, emphasized the financial sector’s potential to drive economic transformation in Uganda through avenues such as capital allocation, risk management, credit provision for infrastructure development, innovation, and financial inclusion.

The winners of the annual appreciation bankers conference were announced as follows: