Saturday, June 15, 2024
Home > News > URA Translates Tax Documents Into Chinese To Boost China-Uganda Trade
News

URA Translates Tax Documents Into Chinese To Boost China-Uganda Trade

Musinguzi left, Zhanga in blue shirt, and Jincheng after signing the MOU

The translation of Uganda’s tax laws and policies into Chinese is expected to ease doing business between the Uganda Revenue Authority and the Chinese investors.

The translated tax policies were on Friday launched by the URA Commissioner General, John Musinguzi at an event graced by China’s Ambassador to Uganda, Zhang Lizhong.

Musinguzi said there has been a communication gap between the tax body and Chinese investors or business persons because the tax laws, policies, and treaties were only written in the English language.

He said while some of the laws and policies were translated into some of the languages, there has been a barrier when it comes to Chinese or Mandarin.

China being a strategic economic and trade partner to Uganda, Musinguzi says it had to be prioritized, intending to improve tax compliance from this community, as well as maximize collections.

He adds that the translation helps URA to move closer to taxpayers, and either side understands the other.

“By this translation, we can now deal directory with these taxpayers, and eliminate chances of misrepresentation, because many times we have been misrepresented by the middlemen in between, and this closer cooperation will fill that gap,” Musinguzi said.

The laws, policies, and treaties were translated in collaboration between URA and the Chinese Chamber of Commerce (C.C.C)

The two parties also signed a memorandum of understanding for continued tax policy sensitization to the Chinese business community in Uganda and also established a special desk of Chinese-speaking staff, dedicated to handling the Chinese community’s issues.

The Chinese ambassador to Uganda Zhanga Lizhong said translation of the tax policy documents is an enabler to increased Chinese trade and investment in Uganda. He noted that more Chinese business people will clearly understand Uganda’s taxation.

Zhanga says with the translated tax policy document, these numbers are bound to increase as many investors who are eager to invest in Uganda, will now be clearly in the know of their tax obligations.

Li Jincheng, the chairman of the Chinese Chamber of Commerce said the translation is a grand opportunity given to the Chinese business community in Uganda to enjoy transact from an informed point of view, as well as equitably meet their tax obligations.

Bilateral trade volumes between the two, have grown to a record USD 1.1 billion, as of 2022, with exports from Uganda growing to 25 percent, and the direct foreign investment now stands at USD 131 million.

-URN

Leave a Reply

Your email address will not be published. Required fields are marked *