URA Puts Dfcu On Spot Over Ugx15Billion Tax Fraud

URA Puts Dfcu On Spot Over Ugx15Billion Tax Fraud

Accessdome.com: an accessible web community

By Spy Uganda

Bad blood is evaporating between Uganda Revenue Authority (URA) and Dfcu group the owners of Dfcu bank over tax evasion and avoidance amounting to Ugx15 billion, TheSpy Uganda reports exclusively.

The taxman accuses Dfcu of minting billions of rental income by renting out parking and office space at Dfcu Towers on Kyadondo Road to capable clients each paying rent above $11000 monthly. Dfcu is said to have been running and collecting rent from these premises since 2014.

READ ALSO: Don’t Give Us Fake Excuses Over Your Incompetence, Cough Our Money-Shareholders Task dfcu Bosses

The tax man says since the above year to 2020, Dfcu has avoided paying taxes totaling over Ugx15 billion but in defense, Dfcu says it’s actually collecting less rental income compared to what URA considers since most of its clients got rental discounts after paying in advance.

URA says the multi-billion taxes accumulated as summarized here;  Shs955m for 2014, Shs536m for 2015, Shs172m for 2016, Shs1bn for 2017, Shs1.5bn for 2018, Shs1.53bn for 2019 and Shs680m for 2020.

READ ALSO: Dfcu ‘Voted’ Worst Bank Of 2021!

The revenue collector adds that when they tried to amicably sort out matters, Dfcu instead run to the Tax Appeals Tribunal where investigations into the whole saga are currently being handled.

Meanwhile, Dfcu may need to put in a lot of effort to win the appeal with its ‘bad’ name that has been cited in several fraudulent scandals among them including the mega scandal of the fraudulent sale of Crane Bank that left both Dfcu and Bank of Uganda’s image in total shame.

READ ALSO: Explosive! Defunct Crane Bank Ghost Haunts Troubled Dfcu Again, Ex-Workers Drag Them To Court Over Breach Of Contracts

Accessdome.com: an accessible web community

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *