Kampala: Following Uganda Revenue Authority’s directive to have all Value Added Tax (VAT) registered businesses issuing Electronic Receipts (Electronic Fiscal Receipting and Invoicing Solution) commonly known as EFRIS, a couple of businesses have implemented this including Uganda’s leading online shop/supermarket “Kikuubo Online”.
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 short falls 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.
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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.
As a result therefore, all purchases from Kikuubo Online will be delivered with an approved EFRIS invoice.
If you are a business or organization that has been looking to buy Fast Moving Consumer Goods from a supplier that has an EFRIS receipt, Kikuubo Online has got you sorted.
Dealing in over 3000 Fast Moving Consumer Goods, customers will be sure to find whatever they need for shopping or stocking up goods with Kikuubo Online with free doorstep delivery for orders above Shs200,000.
To use the Kikuubo Online Platform, simply download the free Kikuubo Online App from the Google Playstore or Apple Appstore or call their Toll free number 0800-271-900.