With Uganda Revenue Authority’s directive to have all Value Added Tax (V.A.T) registered businesses issuing Electronic Receipts (Electronic Fiscal Receipting and Invoicing Solution) which has commonly come to be known as EFRIS, all businesses have gone into a frenzy implementing this new directive.
The Tax Procedures Code (E-Invoicing and E-Receipting) Regulations 2020 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 shortfalls 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.
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.
Many Informal businesses in Kikuubo downtown will most likely take time to adapt to this new directive which will a section of VAT and EFRIS registered businesses which buy from Kikuubo with limited options from where to buy from.
Kikuubo Online which is an Online Wholesaler and Supermarket has fully integrated its system with EFRIS in compliance with URA’s directive.
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 you sorted.
Dealing with over 3000 Fast Moving Consumer Goods, you will be sure to find whatever it is that you need for your shopping or stocking up needs with Kikuubo Online. You also get to enjoy doorstep delivery and free delivery for orders above 200,000 UGX.
To use the Kikuubo Online Platform, simply download the free Kikuubo Online App from the Google Playstore or Apple Appstore