Gov't losses, digital solution for insurance compliance
The Office of the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, reported that between 2009 and 2013, the government lost UGX 60.3 billion in VAT and UGX 35 billion in stamp duty due to the insurance of imports by foreign insurers. Now, ten years later, a digital solution has been introduced to address existing marine insurance challenges. To this end, importers have been given a grace period until December 31, 2024, to comply. Ronah Nahabwe reports.
