rTCS Making Headlines as the Rental Tax Compliance System Goes Live
The Commissioner General of the Uganda Revenue Authority (URA), John Rujoki Musinguzi, has expressed dissatisfaction with the low collection of rental income tax, despite a booming real estate industry. However, this looks like it is about to change.
During a recent meeting with large taxpayers, Musinguzi described the paltry USh120b collected each year from taxes on rental income as “unbelievable” given the rapid expansion of the real estate industry. The sheer volume of property development in Kampala over the last 5 years indicates that a lot of revenue is going uncollected.
At around the same time as the meeting took place, behind the scenes, the URA deployed the fully live Rental Tax Compliance System (rTCS).