URA Extends Offshore Wealth Declaration Deadline to June 2025

The Uganda Revenue Authority (URA) has announced an extension of its voluntary disclosure program, specifically targeting undeclared offshore wealth. The initial deadline, which was set for the end of 2024, has now been pushed to June 30, 2025.

This program offers a crucial window for taxpayers who may have held foreign assets or earned income abroad without declaring it to the URA. Under the amnesty, individuals and companies can come forward and regularize their tax affairs with reduced penalties and interest. The primary goal is to encourage voluntary compliance and bring more offshore wealth into the tax net, thereby broadening the country’s tax base.

The URA’s initiative is designed to address the challenge of illicit financial flows and ensure that all taxable income, regardless of its origin, is accounted for. By extending the deadline, the authority hopes to provide ample opportunity for more taxpayers to benefit from the amnesty and avoid potential punitive measures that could arise from future audits or investigations.

Taxpayers are advised to seek professional advice to understand the implications of the offshore wealth amnesty and ensure they meet all the requirements for voluntary disclosure. This includes accurately declaring all relevant foreign assets and income, and fulfilling any outstanding tax obligations. The extension signifies the URA’s commitment to fostering a culture of tax compliance through supportive measures.

For more details on the offshore wealth amnesty and how to participate, please refer to the Daily Monitor.