The accountant and the tax lawyer at incorporation

The ideal situation would be to have a lawyer register a business entity on behalf of the owners. The calculation and payment of Stamp duties arising on incorporation of a business entity and the relevant registration fees, have been traditionally the forte of the lawyer. The accountant ensures that the start-up costs and capital expenditure are properly classified in the accounts. This is important as the classification directly influences the taxes due. Start up costs are tax exempt and expenses of a capital nature are usually taxable at the end of the financial year.

A search engine referred the question “ Can I pay Stamp duty at incorporation in instalments?” to this blog. The answer is No. Failure to pay the full amount of Stamp duty at the incorporation of a company renders the transaction void. Please refer to the relevant Stamp duty Act or a lawyer.

Coming into dock
A boat coming into Munyonyo dock on Lake Victoria

2 thoughts on “The accountant and the tax lawyer at incorporation”

  1. Thanks for the incite of an accountant and tax lawyer at incorporation, i do agree with you, i only problem the business community faces is that they intend to use unprofessional associates to conduct the due process of incorporation and that is why they always loose the statutory tax credit. its all above tax planning and that is why Richest international companies invest more in tax planning to reduce their tax bases as they simply keep making money on money.

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