Income Tax Assessment and Performance of Small Scale Businesses in Busia Municipality
| dc.contributor.author | James Opiga, Opio | |
| dc.date.accessioned | 2020-07-21T07:17:50Z | |
| dc.date.available | 2020-07-21T07:17:50Z | |
| dc.date.issued | 2013-06 | |
| dc.description | A Research Dissertation Submitted to the College of Economics and Management Sciences In Partial Fulfillment of the Requirements for the Award Of Bachelor's Degree In Business Administration Of Kampala International University | en_US |
| dc.description.abstract | The study was conducted under the topic "Income Tax Assessment on small Business Enterprises", in Busia Municipality. The aim of the study was to determine the effect of Income tax assessment on performance of small scale businesses. The research instruments used for data collection are Interview guide, questionnaires, Observation, sampling and data Analysis. The data analysis technique used was the chi-square whose formula is XZObs = '\' (fo- fe)Z L fe The researcher made the following findings in accordance with the study objectives: Business people need to ensure that they maintain proper books of accounts that are written comprehensively; general journals, inventory records, fixed assets register, pay roll records, cash book, Vouchers, receipt books and invoices. And any amount derived by a person as consideration for accepting a restriction on the person's capacity to carry on business constitutes the scope of business income. Sales derived by a person from disposal of trading stock as well as the value of any asset derived by a person by virtue of a past present or prospective business relationship includes Business income. When a business is of a profit seeking motive, then it qualifies to be grouped under business income. The researcher also found out that the nature of the asset and the interval between purchase and sale, determines whether such asset qualifies to be grouped under business income. Allowable and capital deductions are among the factors to consider when determining taxable income. From the above findings the researcher made the conclusion that, For businesses to prosper there is need for businesses owners to maintain proper records, understanding the scope of business income, be able to know that there are a number of other business incomes other than the presumptive tax payers as well as be familiar with key factors which are considered crucial in determining business taxable income. From the above conclusion the researcher made the following recommendation: Small scale business operators should be encouraged to maintain a full set of books for income tax assessment purpose, to seek advice from tax consultants in order for their businesses to prosper. The government should also endeavor to educate small scale business operators on factors which are considered crucial in determining taxable business income such as allowable deductions, non allowable deductions, and capital deductions. Small scale tax payers should be able to know that there are a number of other business incomes that are liable to taxation apart from business profits. Small scale business operators should be offered tax holidays to enable them compete favorably with other foreign businesses that benefit from such tax holidays. Uganda revenue authority (URA) should intensify sensitization programs focusing on small scale business operators so that they are able to respond to paying of tax without thinking they are being exploited. | en_US |
| dc.identifier.uri | http://hdl.handle.net/20.500.12306/9563 | |
| dc.language.iso | en | en_US |
| dc.publisher | Kampala International University, College o Economics and Management | en_US |
| dc.subject | Income Tax Assessment | en_US |
| dc.subject | Small Scale Businesses | en_US |
| dc.subject | Busia Municipality | en_US |
| dc.title | Income Tax Assessment and Performance of Small Scale Businesses in Busia Municipality | en_US |
| dc.type | Other | en_US |