Tuesday, 22 October 2013

Commonwealth Tax Administrators converge in Rwanda

Untitled


Rwand has introduced Mobile declaration and payment of taxes


More than 100 participants from 49 countries have converged in Kigali for the 34th Commonwealth Association Tax Administrators (CATA) technical meeting.


The meeting is mainly discussing how to broaden the tax base of developing economies such as Rwanda.


The five-day meeting that commenced on October 20, 2013 is aimed at analyzing strategies for taxing an untapped resource for development and current issues around taxing high net worth Individuals.


The Minister of Finance and Economic Planning Claver Gatete said that the meeting is timely and very important in as far as strengthening the country’s resource mobilization is concerned.


“We have invested in online facilities such as Mobile declaration and payment of taxes, recruitment of tax advisors, and online registration of business with the Rwanda Development Board.


He further indicated that Rwanda designed a tax system that is meant to promote business growth through providing trade facilitation mechanisms that encourage investment and cross border trade.


A study by the Private Sector Federation in 2008 estimated that there are over 72,000 Small and Medium Enterprises (SMEs) operating in Rwanda, while only 25,000 of them were formally registered.


This study found most small enterprises in Rwanda started off as micro businesses and grew into small businesses or they are formed to supplement the income of middle to upper income households.


Rwandan small and micro businesses comprise 97.8% of the private sector and account for 36% of private sector employment. They often lack proper accounting and financial systems.


The Commissioner General of Rwanda Revenue authority Ben Kagarama hopes the conference will bring new innovative ideas that will positively impact Rwanda’s taxation policy.


The challenge of helping SMEs through taxation policy is very paramount because they are the backbone of Rwanda’s economy,” Kagarama underscored.


“We have enormously benefited from the extensive knowledge sharing and capacity building mechanisms of revenue staff especially in the areas of transfer pricing, taxation of multi-national companies, improving tax compliance among other new taxation ideas,” he added.


Rwanda Revenue Authority became a member of CATA, the largest association of tax administrators in the world in 2011 following Rwanda’s entrance in to the commonwealth.


 



Commonwealth Tax Administrators converge in Rwanda

0 comments:

Post a Comment

Twitter Delicious Facebook Digg Stumbleupon Favorites More

 
Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Walgreens Printable Coupons