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Uganda Revenue Authority targets Ugandans in Australia assets

Uganda Revenue Authority (URA) received information from Australia that Ugandans own assets worth $13.1m in the country.

URA revealed it is re-enforcing its alertness towards tax leakages driven by off shore assets held by Ugandans in a brief released last week.

“An initial report obtained from the Australian Tax office indicates that by September 2019, over $13.1m was held in various assets in Australia by person’s resident for tax purposes in Uganda,” the brief reads in part.

To counter risks presented by globalisation, open markets and digitisation Uganda Revenue Authority has enhanced the exchange of information facility through the worldwide exchange of information network.

Also Read: Middle East, Comesa leading markets for Ugandan export

The move seeks to simplify investigations into the concealment of incomes, tax base erosion by multinationals and country of origin fraud. Through the platform, URA has retrieved $25.4m.

In hope of accessing concealed transaction-level data and …