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Pharmacy Tax Compliance
Many pharmacies today go to great lengths to streamline operations, reduce their costs, expand their brand presence in the emerging markets and embrace the changes taking place in the broader healthcare arena to see optimum profitability and growth.
So it is imperative for any forward-looking pharma player to maintain a great degree of tax compliance so as not to frustrate these proactive efforts invested into the respective ventures.
We have seen thriving pharmacies shut down operations either because their assets have been liquidated, accounts frozen, or third-party agency notices issued on their debtors to recover their accrued tax liabilities.
The increased tax vigilance in the form of audits by the Uganda Revenue Authority (URA) with assessments of unpaid taxes issued on taxpayers has raised the importance of compliance with tax obligations.
It is the requirement of the law for pharmacies bidding to do business with the government and its agencies to demonstrate that they are tax compliant. Some private companies also ask pharmacies to get confirmation of their tax compliance from the URA before they are engaged in any trade with them.
It is, therefore, increasingly becoming harder to effectively do business without giving attention to tax management and compliance.
Pharma companies may, therefore, miss out on business opportunities that can spur their growth unless they are compliant with their tax obligations.
The good news is that it is inexpensive complying and proactively managing tax affairs. The use of qualified professionals to assist with tax compliance and management pays for itself.
Despite the associated cost, it is more expensive to the Pharma companies, in the long run, to incur punitive interest and penal charges on unpaid taxes, regardless of whether the non-tax compliance was inadvertent or intentional.
- The added bonus is that it is good practice to keep a trial and record of expenses to determine easily the true position of business profitability.
- Pharma companies can legally defer or reduce their tax liabilities with prudent planning. In practice, it is possible for taxpayers to commit to a mutually agreeable tax payment plan with the URA in the event of a genuine inability to meet tax obligations because of prevailing business circumstances.
- Open engagement with the URA also helps taxpayers understand better their rights as well as avoid falling victim to extortionary unscrupulous individuals waiting to take advantage of their situation.
Reach out to us and, along with our specialist partners, we shall be more than glad to take the place of your trusted advisors. This way, you get to protect your business from the detrimental costs of inadvertent non-compliance, but more than anything, you get to enjoy your business rights and benefits that come with being tax literate.
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Pharmacy Staff Skilling
In health practice and especially pharmacy business operations, customer satisfaction is paramount to retention and loyalty, and hence pharmacy revenue.
Inventory Management Software Solutions
Inventory is the gist of the pharmacy business. Proper inventory management implies more efficiency in handling your stock, reduction in losses from expired drugs, better management of inventory days among other merits.
Pharmacies on Sale
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