Tax Planning Basics #Uganda

How you plan your business affairs can cause you or your employees to pay more taxes than necessary. The ability to understand the tax statues and how you structure your operations plays a key role in tax planning.

Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced.

Although tax avoidance planning is legal, tax evasion – the reduction of tax through deceit or concealment - is not.

Basic compliance requirements for an #SME in Uganda

‘When it comes to a business and corporate management, compliance refers to the company obeying all of the legal laws and regulations in regards to how they manage the business, their staff, and their treatment towards their consumers. The concept of compliance is to make sure that corporations act responsibly’ writes Gary Trainor in an article Importance Of Compliance In Business. He highlights that the benefits compliance brings into any business include: avoidance of criminal charges, building positive reputation and higher productivity in the company.