Uganda Revenue Authority told banks and financial companies to send special tax reports before May 31 arrives. These institutions must share information about foreign customers through the Automatic Exchange system. The global program helps countries stop people from hiding money overseas to avoid taxes. Financial firms need to report everything that happened during 2024 through the official online system. Only approved companies can access the special website that URA controls.
Countries share financial details about people who keep accounts outside their home nations. This worldwide standard fights offshore tax cheating and money-washing crimes. Banks must file returns covering January through December of last year through the approved platform. URA blocked access except for institutions that received permission to use the system. Officials warned that penalties will start on June 1 for companies that fail to comply.
Uganda loses about 2 trillion shillings every year because wealthy people and businesses avoid paying taxes. Cross-border cheating through secret offshore accounts causes major financial damage to the country. According to recent URA findings, only 5 percent of high-risk taxpayers follow international disclosure rules. The revenue agency joined the Global Forum on Transparency in 2016 to meet international standards. Uganda passed new laws in 2023 to strengthen its fight against tax evasion across borders.
Countries share financial details about people who keep accounts outside their home nations. This worldwide standard fights offshore tax cheating and money-washing crimes. Banks must file returns covering January through December of last year through the approved platform. URA blocked access except for institutions that received permission to use the system. Officials warned that penalties will start on June 1 for companies that fail to comply.
Uganda loses about 2 trillion shillings every year because wealthy people and businesses avoid paying taxes. Cross-border cheating through secret offshore accounts causes major financial damage to the country. According to recent URA findings, only 5 percent of high-risk taxpayers follow international disclosure rules. The revenue agency joined the Global Forum on Transparency in 2016 to meet international standards. Uganda passed new laws in 2023 to strengthen its fight against tax evasion across borders.
