The Uganda Revenue Authority has announced the extension of the Voluntary Disclosure Program (VDP) for Foreign Income and Assets into the 2026/2027 financial year, running from 1 July 2026 to 30 June 2027. The program encourages taxpayers with undisclosed foreign income, assets, or accounts to come forward voluntarily in exchange for immunity from prosecution and reduced penalties. This extension aligns with Uganda’s commitment to the OECD Common Reporting Standard (CRS) and automatic exchange of information agreements.
Key Takeaways
- Scope of Disclosure: Covers foreign bank accounts, investments, real estate, trusts, and any income generated outside Uganda that was not previously declared.
- Incentives: Participants receive a 100% waiver on interest and penalties, and immunity from criminal prosecution, provided full disclosure is made before URA initiates an audit.
- Application Process: Taxpayers must submit a formal VDP application via the URA portal, attach supporting documentation, and pay the disclosed tax liability within 30 days of acceptance.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement