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On the surface, Uganda’s real estate sector appears to be thriving. Cranes dot Kampala’s skyline, mortgage uptake is rising, and Government revenue from corporate and rental income taxes continues to grow. But beneath this apparent progress lies a quieter strain—one that tax experts warn could slow the sector’s momentum if left unaddressed. Patricia Kiggundu, a Tax Manager at PwC Uganda, likens the situation to the old parable of the goose that laid golden eggs. Real estate, she argues, is steadily contributing to the economy, but excessive or poorly structured taxation risks killing off its long-term potential. Recent figures show why…
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The Tax Appeals Tribunal has upheld a $100,000 (UGX357 million) penalty imposed on TotalEnergies EP by Uganda Revenue Authority (URA) for failing to provide transfer pricing information within prescribed timelines during a tax audit. The ruling reinforces URA’s enforcement powers over multinational companies operating in Uganda. In a decision delivered to end almost two years of a legal battle, the Tribunal ruled that URA acted lawfully in penalising the oil and gas company under the Income Tax Act, after finding that key documents requested during a transfer pricing audit remained outstanding for several months despite repeated notices and deadline extensions….
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Uganda Revenue Authority (URA) has launched a sweeping enforcement campaign requiring all Ugandan tax residents with foreign bank accounts, property, or investments to immediately declare their worldwide income and assets, according to a new Tax Alert on Global Income Declaration issued by Grant Thornton. The development follows Uganda’s implementation of the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), which now allows URA to automatically receive financial data on Ugandan residents from more than 125 countries. These jurisdictions include Mauritius, the Cayman Islands, Jersey, US, UK and India. With this global information-sharing system in place, Ugandans with undisclosed…
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The Income Tax(Amendment) Act 2023 has repealed Section 27A of the Principal Act which provided for initial allowances as a fiscal policy geared at enabling investors in industrialisation and manufacturing to recover costs of acquiring plant and machinery much faster than if they had to recover those costs only through capital deductions allowed through traditional depreciation. A depreciable asset is any plant or machinery, or any implement, utensil or similar article, which is wholly or partly used, or held ready for use, by a person in the production of income included in gross income and which is likely to lose…
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