Connect with us

Business

Uganda Revenue Authority Launches Voluntary Disclosure Program for Offshore Incomes and Assets

Published

on

Spread the love

The Uganda Revenue Authority (URA) has initiated a Voluntary Disclosure Program (VDP), encouraging individuals with offshore incomes and assets to disclose their holdings. This program, a part of URA’s tax administration measures, has been in effect for local taxpayers since 2014, providing an opportunity for affluent individuals to declare previously undisclosed income and assets.

According to Patrick Ocailap, Deputy Secretary to the Treasury, URA’s introduction of the VDP is a crucial move towards achieving equitable revenue collection, strengthening domestic income, and expanding the country’s tax base. The VDP window, as explained by Ocailap, allows taxpayers to reconcile their financial records with the URA before January 2024. Subsequently, global financial institutions, including those in Uganda, will enforce the collection of this information.

DEVKI Group Unveils Plans for $60 Million Cement Plant in Mbarara District

Ocailap urged cooperation from banks, investment managers, insurance companies, and their regulators to ensure the smooth and effective implementation of the new law.

John Musinguzi, the URA Commissioner General, highlighted that participants in the Voluntary Disclosure Program will be granted a complete waiver of penalties and interest on the tax paid before the commencement of Uganda’s first automatic information exchange in September 2025.

Axiom Zorn Triumphs at Alpha Pitch Competition during Africa Fintech Summit

The Exchange of Information program aims to enhance voluntary tax compliance by addressing tax evasion and illicit financial flows, aligning with international standards and obligations outlined in tax information exchange agreements. Musinguzi emphasized Uganda’s commitment to fortifying its economic foundation and curbing the outflow of untaxed wealth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2024