Taxpayers urged to comply with new laws

Rwanda Revenue Authority (RRA) has advised medium taxpayers to have their financial statements certified by professional accountants from the Institute of Certified Public Accountants (ICPA) to comply with the new laws in order to streamline the running of their businesses.

The call was made by the Deputy Commissioner for Large Taxpayer Offices, Ben Kagarama, during a one-day seminar organized to create awareness about the new laws on motor registration and declaration of profit tax to all business operators whose annual total turnover is Rwf400m

The ministerial order on certification also aims at phasing out traditional methods of conducting business to promote professional businesses in the country.

“We want local business community to stage themselves in the business arena worldwide because Rwanda is moving in an openness of business competition,” he said.

“Work involved in tax auditing is complex, RRA will only audit taxpayers that are suspected to have risks,” Kagarama emphasized.

“This will facilitate the work of auditors and encourage professionalism within the business community,” he said, adding that “certified copies of financial statements will reduce disputes between RRA and taxpayers”.

Kagarama also revealed that the deadline for the annual declaration of profit tax has been brought forward to 31st March instead of 31st June. Bihira Gilbert, General Manager of Horizon Express said that switching to a new system is not always easy, adding that the system will not only help government through RRA but also taxpayers because the old way involved a lot of risks and wastage of time and money.

“It is good to know whether your business is making profits or loss in early stages because it will help you take other decisions,” he said.