Ardenfield
Insights & Intelligence

Perspectives on business, finance, and growth in Africa

Practical thinking from our advisory, assurance, tax, and digital teams, written for the founders, leaders, and funders shaping the next decade.

Audit & Assurance

THE HIDDEN IMPLICATIONS OF ASSET REVALUATION LOSSES: A GOVERNANCE PERSPECTIVE

Asset revaluation is the process of reassessing the book value of an organization's assets to reflect their current market/fair value. This may result into a gain where the recorded value of the assets increases or a loss where the value reduces. We often celebrate revaluation gains. Asset values go up, the balance sheet looks stronger, and everyone is happy. But what happens when the numbers go the other way?

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Tax Insights

Understanding Reverse VAT in Uganda

The Value Added Tax (VAT) regime operates under the Value Added Tax Act (VATA) Cap 349, which requires businesses to charge and remit VAT on the supply of goods and services. Specifically the chargeability of VAT is mandated by Section 4 of the Value Added Tax Act, Cap 349 of Uganda which imposes VAT on all non-exempt supplies made by a taxable person (S.4(1)), nonexempt goods imported (S.4(2)) and non-exempt imported services (S.4(3)). This article expounds on the last part (S.4(3)) on imported services as this is what brings into play the concept of Reverse VAT or Reverse Charge VAT. It is called Reverse Charge VAT because it deviates from the typical VAT Principles of VAT accountability where it’s typically the seller that is charged with the responsibility of accounting for VAT. ‘Accountability’ involves charging, collecting and remitting the VAT to URA, including filing of the respective VAT Return(s). Thus Reverse VAT switches the responsibility of accounting for VAT from the supplier to the recipient of the services, particularly when the supplier is a non-resident supplier.

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Tax Insights

Taxation of loans between associates in Uganda

Any business seeking to grow must source funds. This can be from internal sources or externally. For purposes of this article, we will concentrate on tax implication of internally sourced loans by a Limited liability company from its directors or shareholder.

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Tax Insights

How to Drastically Reduce Your PAYE, Income Tax, and VAT Burden—Legally

Every Ugandan tax payer should be compliant; but nobody should pay more tax than necessary. The good news? The law provides several ways to manage your tax burden without triggering URA penalties. This article outlines practical strategies to reduce PAYE, Income Tax, and VAT; backed by the law, proven by experience, and accessible to most SMEs and NGOs.

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Tax Insights

Top 10 Tax Myths in Uganda – And the Truth Behind Them

Taxation in Uganda is surrounded by myths and misconceptions that often lead to costly mistakes. Whether you’re an individual taxpayer, small business owner, or corporate executive, it's crucial to separate fact from fiction. In this article, we highlight the top 10 tax myths in Uganda and reveal the truths behind them, empowering you to make smarter financial decisions.

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