By Mulengera Reporters
Uganda has stepped boldly onto the global stage in the fight against hidden wealth, as the Uganda Revenue Authority rallied taxpayers to declare foreign income and assets before the net tightens.
At a high-level breakfast meeting held at Mestil Hotel in Nsambya on Monday, tax officials sounded the alarm and extended an olive branch at the same time. The event focused on the Automatic Exchange of Information programme, a powerful global system where more than 125 countries share financial information to ensure taxpayers pay what they owe.
Uganda is now actively participating in this worldwide exchange. Officials say the goal is simple but firm: fairness. Whether income is earned in Kampala, Nairobi, London or Dubai, it must be properly declared under Ugandan law.
During the meeting, Acting Commissioner of Tax Investigations Agnes Nabwire Asobola broke down how foreign income is treated. Money held in foreign accounts may be exempt if it has already been taxed in another country. Taxpayers may also qualify for foreign tax credits. However, dividends, interest, rent and other foreign-sourced income form part of gross income and are subject to tax in Uganda.
URA Commissioner General John Rujoki Musinguzi emphasized that the programme is not about punishment but about equity. He stressed that the new global information-sharing system promotes transparency and ensures that no taxpayer gains an unfair advantage by keeping assets abroad.
In September 2025, Uganda received foreign financial information concerning about 100,000 Ugandan tax residents from 50 jurisdictions under the global framework. Officials describe this as a major milestone in strengthening compliance and building trust in the tax system.
The breakfast meeting was both a warning and an opportunity. Taxpayers with undeclared foreign assets are being encouraged to voluntarily disclose them before enforcement measures intensify.
With Uganda now firmly connected to a worldwide tax information network, a new era of transparency has begun. The message from the tax authority is clear: come forward, comply, and be part of building a fairer economy for all.
