Uganda Revenue Authority (URA) informs the General Public that effective November 30, 2024, the Voluntary Disclosure Program will be implemented in accordance with Section 84(2) of the Tax Procedures Code Act (TPCA) CAP 343. This Program provides an opportunity for individuals and entities with undeclared/under-declared assets or incomes which are held in foreign countries, to voluntarily declare them to URA and regularize their tax affairs.

Eligible declarants who voluntarily disclose such assets or incomes under the Program before September 01, 2025 will receive benefits including:

• Full waiver of penalties and interest on taxes declared and paid before September 1, 2025;
• Immunity from prosecution for related tax offences, on voluntarily declared income or assets;
• Flexible payment terms including payment in installments of the assessed tax on voluntarily declared income;
• Priority Treatment at URA including; expedited Refunds, Priority Customs clearance and Authorized Economic Operator benefits and Withholding Tax exemption.

Pursuant to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information and the Convention on Mutual Administrative Assistance in Tax Matters (Implementation) Act, 2023, URA will receive offshore account information under the Automatic Exchange of Information (AEOI), annually, with effect from September 01, 2025. The information to be exchanged will include names, TINs, account numbers or functional equivalent, account balances, and income related to offshore accounts which will enable URA to obtain details of the undeclared or under declared assets or incomes on which taxes shall be enforced, collected and the offenders prosecuted.

Please note that with effect from September 01, 2025, failure to disclose assets, accounts or incomes will result in penalties and prosecution in accordance with Uganda’s tax laws.

Taxpayers are advised to initiate their voluntary disclosure through the URA portal (www.ura.go.ug) or visit their tax offices for assistance.

For more information, contact; services@ura.go.ug or call our Toll-free lines; 0800117000 | 0800217000 or Toll lines; 0417444602 | 0417444603 or WhatsApp; 0772140000.

First date of publication: Friday December 20, 2024.

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