For the second time, BDO EA Rwanda has trained various business owners on the new provisions and changes made under the new income tax law so as to help them comply with it properly in their daily activities. During a workshop held in Kigali on February 3, various players such as accountants, auditors, and NGOs, who missed the first training convened together to explore the new amendments and identify gaps that still need to be tackled. ALSO READ: Taxpayers want Gov’t to make tax cuts to stimulate economic growth Fidele Ukwishaka, the tax manager at BDO EA Rwanda, said that with the changes which come at the right time, the government has prioritized citizens given the current economic environment and that the ammendments fill some gaps in the previous income tax law. Ukwishaka took the participants through the different articles of the law and pointed out that the old law had some words that needed to be clarified, some definitions improved, some practices clarified, and some provisions reviewed to ease doing business, among others. ALSO READ: Six key changes in proposed pro-poor income tax law Furthermore, he explained how the increase in the amount of personal income that is exempted from the tax will boost the economy in a way that one has a little more to save or spend on consumption, among other things. Leoncie Murekatete, who represented Goshen Finance Plc, a Microfinance institution that provides financial services such as credits and savings to low and medium-income households in Rwanda, said that she had a chance to know the new elements of the income tax law. She was also reminded of some important articles in the law that her institution barely uses on a daily basis. ALSO READ: Over 165,000 set to get income tax relief In addition, Murekatete pointed out that she now has enough information that will help her prevent the company from making mistakes since the law has come into force. Llene Toledo, Group Financial Controller at Trinity Metals, commended BDO for preparing such trainings saying that they are very helpful as they shed more light on what the new law is about. She pointed out that the training was a good approach. It helped them go through all amendments under the new law so that people are aware of the implications that they hold and know which structure is the most appropriate when venturing into business, she noted. The first such workshop was organized by BDO EA Rwanda on November 18, 2022.
