SESSION 2 - Excise Duty Tax Rates and Computation

About this Video

This session focuses on Excise Duty, a tax imposed on specific goods and services, typically those considered luxurious or harmful, such as alcohol, tobacco, fuel, and telecommunications. The video provides an in-depth understanding of excise duty tax rates and their computation, which is crucial for tax practitioners and businesses involved in the production, importation, or sale of excisable goods.

Key topics covered include:

1. Overview of Excise Duty: Definition, objectives, and scope of excise taxation in Uganda.

2. Classification of Excisable Goods and Services: Categorization and examples of items subject to excise duty.

3. Current Tax Rates: A detailed explanation of the applicable excise duty rates based on Uganda's tax regulations.

4. Computation of Excise Duty: Step-by-step guidance on how to calculate excise duty for different products and services, including practical examples.

5. Compliance Requirements: Filing obligations, payment timelines, and penalties for non-compliance.

6. Updates and Amendments: Insights into recent changes in excise duty rates and their implications for businesses.

This session equips participants with practical skills to accurately compute excise duties and ensure compliance with Uganda's tax laws. It's ideal for accounting professionals, business owners, and anyone preparing for a tax certification course.