small-business – MRT Tax

Navigating the Digital Economy: A Guide for Aspiring Entrepreneurs.

Today’s entrepreneur must be tech-savvy, capable of navigating the digital economy with ease and agility. Yet, many business school curricula remain outdated, focusing on traditional theoretical instruction without incorporating critical digital competencies which are now central to modern business.

The reality is, the majority of this week’s graduates will be entering the world of entrepreneurship as opposed to formal employment. And so to all business school students and recent graduates; Please prioritize acquiring digital skills and understanding the digital economy.

MRT TAX SUPPORTS VERTEX INC.

In collaboration with VATSQUARE, a leading VAT advisory Firm in the EU market, we have recently rendered advisory support to Vertex Inc on Uganda’s digital services taxation intricacies under the Value Added Tax(VAT) tax head, covering deemed supplier and foreign exchange statutory rules under the Value Added Tax Act.

Vertex Inc is a Nasdaq listed technology firm whose collaboration with tax experts and financial application technology providers across jurisdictions, delivers best in class tax technology solutions and services in global commerce.

We are honored to have contributed to the firm’s technical survey for the Ugandan tax year 2024-2025.

THE INTERPLAY BETWEEN LEGAL AND TAX IN BUSINESS TRANSACTIONS

In business, taxation is everything. As a lawyer in commercial advisory, I consider other areas of business law bridesmaids to tax as opposed to the other way round; For any business, Tax risk exposure is the most dangerous since most often it is unascertained and unknown until the taxman comes calling with an audit and there is a dispute as to whether or not tax is due. You don’t see it coming until many years later and concluded certain transactions that were not de-risked or compliance mistakes have gone burst and had the implication of putting the business on the hook for a heavy liability that was never contemplated.