EASTERN PROVINCE NGOMA — Business owners within Ngoma district have been urged to declare their incomes and pay taxes on time in order to avoid fines.
EASTERN PROVINCE
NGOMA — Business owners within Ngoma district have been urged to declare their incomes and pay taxes on time in order to avoid fines.
The call was made Thursday by Fidele Iyamuremye, an official of Rwanda Revenue Authority (RRA), in Ngoma district.
Iyamuremye explained that any trader who does not make a timely declaration of the earnings his/her business is liable to pay a fine of between Rwf.100, 000 to Rwf.500,000.
The income declaration is aimed at establishing the amount of Value Added Tax (VAT) to be levied. According to Fidele, a trader who earns less than Rwf1.2m annually is excluded from VAT.
The meeting that brought together traders from different parts of the district and Sector Executive Secretaries was called to enlighten tax payers on the various forms of tax laws.
Fidele pointed out that every trader who pays VAT above his income is entitled to reclaim the money above the prescribed figure.
The Mayor Francois Niyotwagira, who officially opened the meeting, reiterated the need for traders to uphold their tax obligations on time, to avoid paying surcharges.
"Paying taxes on time is one of the ways towards the rapid development of our country,” he said. Also present was the district director of finance, Emile Mbanzamihigo.
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