Voluntary Disclosure of Foreign Income and Assets by Uganda Tax Residents by 30 June 2026

1. Overview

Uganda operates a worldwide income taxation regime, under which persons classified as tax residents are required to declare all income earned from both domestic and foreign sources in their annual income tax returns. This includes employment income, business income, dividends, interest, rental income, capital gains and any other form of income and assets earned outside Uganda.

The Uganda Revenue Authority (URA) has significantly strengthened enforcement through the implementation of international tax transparency frameworks, domesticated into the Convention on Mutual Administrative Assistance in Tax Matters (Implementation) Act, 2023, which empowers URA to receive financial data from over 125 countries through the Automatic Exchange of Information (EOI) regime.

In a public notice dated 25 November 2025, URA encouraged affected taxpayers to voluntarily comply by declaring foreign income and assets for the past three financial years, by completing the voluntary disclosure form and amending tax returns accordingly. The voluntary disclosure window closes on 30 June 2026, after which the opportunity for voluntary disclosure relief will lapse and non-compliant taxpayers will be subjected to assessments, audits, investigations and penal charges.

2. Who Is Affected?

The disclosure requirements apply to all Uganda tax residents, including:

• Individuals residing in Uganda or meeting the statutory residence tests, including expatriates;
• Ugandan citizens working abroad but retaining tax residence in Uganda;
• Companies incorporated in Uganda or with management and control exercised in Uganda;
• Trustees and partnerships with Ugandan tax residence.

3. Key Actions Required

3.1 Identify all foreign income streams

Review and document all income earned outside Uganda — employment income, dividends, interest, rental income, capital gains.

3.2 Disclose foreign assets

Maintain and declare details of offshore bank accounts, investments, and other foreign-held assets.

3.3 Ensure accurate declaration to URA

Accurately declare the foreign assets and income to URA using the Voluntary Disclosure Program (VDP) before 30 June 2026.

3.4 Ensure accurate annual filings

Include all foreign assets and income in the past three financial years’ annual income tax returns through filing or amendment, regardless of whether funds are remitted in Uganda.

3.5 Assess double taxation relief

Determine eligibility for foreign tax credits or relief under applicable laws.

3.6 Maintain supporting documentation

Keep records such as bank statements, investment reports, and foreign tax assessments to support disclosures.

4. Conclusion

Ugandan tax residents with foreign income or assets should treat this voluntary disclosure window as an important opportunity to regularise their tax affairs and mitigate potential exposure to penalties, interest, audits, and investigations. Given URA’s enhanced access to international financial information through the Exchange of Information framework, affected taxpayers should take prompt steps to review their offshore income and assets, assess their filing position for the past three financial years, and make the necessary disclosures before 30 June 2026.