Frequently Asked Questions:
What accounting standards are used in Rwanda?
Most companies in Rwanda are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). Small and Medium Enterprises (SMEs) may use IFRS for SMEs.
What are the main taxes businesses must pay in Rwanda?
The main taxes include Corporate Income Tax (CIT), Value Added Tax (VAT), Pay As You Earn (PAYE) for employees, and withholding taxes. Other taxes may apply depending on the business sector.
When are tax returns due in Rwanda?
Annual income tax returns are generally due by 31st March of the following year. VAT returns are usually filed monthly, by the 15th of the following month.
Is it mandatory to have audited financial statements in Rwanda?
Audited financial statements are mandatory for public interest entities and large companies. SMEs may not be required to have audits, but must maintain proper accounting records.
What is the VAT registration threshold in Rwanda?
Businesses with an annual turnover of RWF 20 million or more are required to register for VAT with the Rwanda Revenue Authority.
Are bookkeeping records required to be kept in Rwanda?
Yes, all businesses must keep accurate and up-to-date bookkeeping records for at least 10 years, as required by Rwandan law.
How can I file taxes in Rwanda?
Taxes in Rwanda are filed electronically through the Rwanda Revenue Authority’s e-tax platform. Registration and filing can be done online.
Where can I get help with accounting or tax compliance in Rwanda?
You can consult with licensed accountants, tax advisors, or firms specializing in Rwandan business compliance. The Rwanda Revenue Authority also provides guidance and resources.
