URA Recovers over 250bn shillings Through International Information Exchange- Commissioner General Reveals
By: Kyeyune Ali
Uganda Revenue Authority revealed that they have recovered over 250 billion shillings through International Information Exchange.
On Wednesday at Sheraton Hotel Kampala during the opening of the second peer Review on exchange of information on request, Uganda Revenue Authority has collected shs 256 billions by utilizing the exchange of information on Request that facilities the sharing of tax-related information.
The Commissioner General John Musinguzi disclosed this great achievement in Uganda today.
Musinguzi highlighted that EOIR has played a great role in detecting tax frauds in the country and also enhancing the URA to understanding of taxpayer operations.
The global forum consists of 162 members and Uganda currently has the ability to exchange taxpayer information with over 147 jurisdictions world wide for tax purposes.
Musinguzi said that ” The ultimate goal for Uganda is to attain a compliant which would positively impact the country’s reputation, business climate and investment prospect”.
He also cautioned that receiving a negative rating such as non-compliant or partially compliant would have adverse consequences for the country.
Additionally, Musinguzi mentioned that Uganda currently holds a rating of “Largely Compliant” from the Organisation for Economic Cooperation and Development (OECD) Global Forum, which assesses countries’ adherence to international EOIR standards.
The ongoing peer review, scheduled to be concluded on Friday 22nd September 2023, will thoroughly assess Uganda’s implementation of transparency and information exchange standards for tax purposes.
The outcome of this review will determine Uganda’s international rating regarding compliance with the exchange of information on request.
All these efforts aimed at reducing borrowing and implementing tax policies that enhance the URA’s efficiency.
Moses Kaggwa who has represented the Minister for Economic affairs at the Ministry of Finance, planning and economic development , highlighted that “The government’s effort is to support the economy’s recovery from COVID-19”.
This is done to ensure and enhance the effective exchange of information by assessing three main aspects like the availability of information on legal ownership, identity, beneficial ownership, accounting and banking. URA’s access to this information and the efficiency of mechanisms in place to exchange this information with treaty partners.