The Uganda Revenue Authority (URA) has approved the EFRIS registration status of Kikuubo Online, which is a digital wholesaler and supermarket.
URA earlier on directed all Value Added Tax (V.A.T) registered businesses to start issuing Electronic Receipts through its Electronic Fiscal Receipting and Invoicing Solution (EFRIS).
EFRIS was adopted following the passing of the Tax Procedures Code (E-Invoicing and E-Receipting) Regulations 2020 which were enacted by the Minister of Finance, Planning and Economic Development and passed by the Parliament.
The idea of EFRIS according to URA entails the use of Electronic Fiscal Devices (EFDs), e-Invoicing, or direct communication with business transaction systems to manage the issuance of e-receipts and e-invoices in accordance with the Tax Procedures Code Act, 2014.
Once a transaction is initiated using any of the solution’s components, transaction details are transmitted to URA in real-time to generate e-receipts and e-invoices.
According to URA, the system is designed to improve business efficiencies and reduce the cost of compliance through improved record keeping among taxpayers and mitigate tax administration shortfalls while promoting efficiency.
EFRIS will curb false refund claims, fictitious purchases with no physical movement of goods, and unverifiable claims by taxpayers due to loss of records.
EFRIS e-receipting and invoicing will bring the large informal sector on board. URA has been having limited access to taxpayers’ records but with this system, more businesses will come on board.
Many Informal businesses in ‘Kikuubo’ downtown will most likely take time to adapt to this new directive which will a section of VAT and EFRIS registered businesses that buy from Kikuubo with limited options from where to buy from.
Kikuubo Online, which is an online wholesaler has fully integrated its system with EFRIS in compliance with URA’s directive.
All purchases from Kikuubo Online will be delivered with an approved EFRIS invoice.
Dealing with over 3000 Fast Moving Consumer Goods, customers will be sure to find whatever it is that you need for shopping or stocking up needs with Kikuubo Online. They also make deliveries for orders above shs 200,000.