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If you own property and don’t have the time to manage how those properties are taxed, chances are you’ll end up with tax penalties.
Arguably, the risks of tax penalties are higher for members of the diaspora, for example. Such cases are no exception in Rwanda, where members of the diaspora community find themselves facing tax penalties of which they have no knowledge as they are miles away from understanding the policies that affect their properties.
Iwacu Diaspora (IDN), a local company aspires to bring Rwandans closer to their remote properties.
Daniella Rusamaza, the founder of Diaspora Iwacu is a solution to the current problem.
It follows the properties of Rwandans living abroad, manages their properties and ensures that they have no tax illegalities.
Prior to starting the business, Rusamaza worked as a bank clerk, where she cared for clients from the diaspora whose properties were depreciating because they did not have an agent to take care of them.
According to Rusamaza, Iwacu Diaspora company ltd is a brainchild of an urgent need to bring people from the Diaspora closer to their properties.
“The idea of starting this business came while I was still a bank employee where I worked for six years with Rwandans in the diaspora who were looking for different services such as loans. Most of these people I met, however, highlighted the challenge of managing the properties they left at home, including houses, land and other personal services. And I was inspired to start a business,” says- she.
During her tenure as a bank clerk, Rusamaza learned that the majority of Rwandans who lived abroad were hampered by the inability to manage their properties at home, especially those who had rental houses, and sometimes she could hear them complaining about not getting paid on time. .
In addition, she discovered that a number of Rwandans suffered losses as a result of tax penalties and that these discouraged their willingness to reinvest at home.
“Through these challenges, I was inspired to start my business that would provide a solution to the current problem.”
In order to achieve the company’s objective, for example, Iwacu Company Diaspora Network is currently assisting diaspora taxpayers to pay property taxes before they are caught with the Rwanda Revenue Authority deadline which should end on the 31st of this month.
Furthermore, Rusamaza warns that delaying tax filing attracts unnecessary fines which taxpayers can avoid before their time.
“We are now helping people from the diaspora who want to declare their property tax in Rwanda. We strongly urge people to register before the set time as penalties come with loss of land ownership rights and fines. »
“There are a number of people living abroad who have no information about paying taxes, some don’t have their local agents to help them re-register expired land titles. So we are here as a bridge to help them sort through all their tax payments by simply accessing their UPI numbers.
“Rwandans living abroad and those in the country should avoid late tax filings on time as this can attract fines and remittances and fines are always a burden,” she advises.