URA Sound Alarm on Offshore Earnings- Deadline Looms

By Mulengera Reporters

The Uganda Revenue Authority (URA) is stepping up efforts to ensure taxpayers declare all offshore earnings. At a high-profile breakfast meeting with top tax experts and stakeholders, URA reinforced its commitment to fairness, transparency, and voluntary compliance under the Automatic Exchange of Information framework.

Commissioner General John Musinguzi highlighted that URA is engaging taxpayers and practitioners to ensure a smooth process for voluntary disclosure. Tax experts, including Peter Kyambadde of KPMG, stressed that the deadline for declaring undeclared income is 30th June, urging taxpayers with foreign investments to come forward.

Silajji Baguma Kanyesigye of RKA & Company emphasized the importance of declaring offshore assets for Ugandan tax residents, while Mark Ruhindi of MRT Tax noted that the initiative helps practitioners educate their clients and ensure proper compliance. Manjit Kothari of Baker Tilly International added that the clarity from URA will make it easier for stakeholders to follow rules, boosting tax collection.

Hilda Kamugisha of PwC Uganda pointed out that compliance protects taxpayers and encourages voluntary disclosure, reducing future risks. URA officials confirmed that the agency’s information is thorough and that the process to uncover undeclared offshore earnings is already in motion, signaling serious consequences for non-compliance.

The message is clear: URA is determined, the deadline is approaching, and taxpayers with offshore assets are urged to act promptly. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).