URA to tax Ugandans' assets abroad

Under the country’s tax legal framework, Ugandan tax residents are required to pay tax on all income earned within Uganda and beyond. Section 17(2)(a) of the Income Tax Act defines gross income of a resident person to include income derived from all geographical sources.

URA recently disclosed that they have already started receiving information from foreign financial institutions regarding assets, bank accounts and income earned by Ugandan residents abroad, marking the first time Uganda is receiving large-scale automatic financial data from overseas.