By Fred M. Mukhwana
Meera Investments Limited, which is part of the Ruparelia Group, is on top of the list of 25 compliant companies that were ranked best by the Uganda Revenue Authority (URA) in paying rental income tax in the financial year 208/19. The tax body eclipsed the target by Shs258.89 billion to collect a total of Shs16.6 trillion in taxes to government.
URA’s list does not, however, mention the exact amount of money that each of the top 25 companies paid as rental income tax during that year.
The public notice from URA published on its website says that Meera Investments embraces effective and efficient solutions in all aspects of property development from design to finish, achieving maximum usage and productivity, which makes it the biggest landlord and the leading property developer.
“Our track record clearly shows our vision and our commitment towards national economic and social development. This has been built through many years of outstanding quality and integrity in the market of commercial and residential developments in the real estate industry,” reads part of the statement from Meera Invsetments syndicated on the URA website.
The company owns buildings such as those occupied by DFCU Bank branches, which were formally being used by defunct Crane Bank Limited.
More companies that performed well in paying rental income tax are; Golf Course Group Limited, Bidco Uganda limited, British American Tobacco Uganda, The Jubilee Investments Company, PDM Uganda Limited, Capital Shoppers Limited, Megha Industries Uganda Limited and Mukwano Industries (U) Limited.
That aside, the Chairman of Ruparelia Group Sudhir Ruparelia came in second position among the top 25 individual rental income taxpayers in the country in the same year 2018/19. He was beaten by businessman Alnasir Viran Gulam Hussein Habib on the list that does not also state the exact amount of money that each of the individuals paid.
Real estate growth
According to URA Commissioner General Doris Akol, Uganda’s real estate sector has steadily grown over the years, contributing 0.2 percent to GDP in the last financial year. “In the past year, the sector has registered a 12 percent revenue growth and this has greatly contributed to our tax to GDP,” she said.
“We, therefore, encourage all other players in the rental real estate to emulate those models, come forth, declare and pay taxes voluntarily as we develop Uganda together,” she said in the latest public notice.
Akol in the public notice said that, “URA is celebrating the top 25 individual and 25 non individual rental income taxpayers who serve as role models for on time rental income tax declarations and payments.”
Below is the list of the top 25 non-individual rental income tax payers in financial year 2018/19.
1. Meera investments Limited
2. Golf Course Group Limited
3. Bidco Uganda Limited
4. British American Tobacco Uganda.
5. The Jubilee Investments Company
6. PDM Uganda Limited
7. Capital Shoppers Limited
8. Megha Industries Uganda Limited
9. Mukwano Industries (u) Limited
10. KIBAO Investments Company Ltd
11. TPS (U) Ltd
12. Uganda Development Bank Uganda Ltd
13. Tembo steels (U) Ltd
14. International Holdings Uganda Ltd
15. Imperial Group of Hotels Ltd
16. UAP old Mutual Insurance Uganda Ltd
17. Shoprite Checkers Uganda Limited
18. White snow man’s Ltd
19. Jasan Construction Ltd
20. Multiple I.C.D Ltd
21. DFCU Ltd
22. JMP investments Ltd
23. MULCO Textile Ltd
24. Ministry of energy and Mineral Development
25. NADIMS Ltd
Top 25 individual rental income tax payers are in financial year 2018/19;
1. Mr. Alnasir Viran Gulam Hussein Habib
2. Dr Sudhir Ruparelia
3. Mohamed Hussein
4. Viran Amin
5. Nakayima Janat
6. Karia Pradip
7. Nipun Bhatia
8. Karia Minex
9. Lubega Charles
10. Kassam Moyes
11. Karia Kunnal
12. Abdul Hamid Mohamad Karim Hirji
13. Viran Aisha
14. Aziz Damani Abdulamid Hirji
15. Karia Rita
16. Karugaba Alice
17. Hudan Alykhan
18. Sophy Nantongo
19. Mpza Eron
20. Tumwesigye Mustapha
21. Thakrar Nita
22. Musisi Fredrick
23. Muwonge john
24. Karan Deyaiji
25. Kirumira Godfrey.
