By Joshua Niyonshima, Media Management
Uganda Revenue Authority has signed a Memorandum of Understanding (MoU) with the Gold Refiners, Exporters, and Dealers Association of Uganda (GREDAU) to streamline relations.
In the MoU, it is agreed that the members will become tax compliant and pay existing tax arrears as far back as July 2021, share information on the export and import of gold, alert URA of any illegal gold dealers, cooperate with URA in the collection of taxes and advise on any entities that are suspected of engaging in smuggling, tax evasion, and other illicit activities in the gold industry.
The MoU further discloses that URA shall recognize the association as a legal entity, educate gold dealers on their tax obligations and ensure that there is tax compliance.
Commissioner General John Musinguzi welcomed the collaboration saying there is need to manage Uganda’s Gold industry with greater authority as it is being strained internationally despite of it being a legal and efficient business.
John Matsiko legal counsel for GREDAU expressed optimism on the benefits of the MoU saying,
“With this MOU in place, illicit gold trade will be eliminated in the country, more so, we seek to streamline this business and ensure that we pay our fair share of taxes so as to uplift the GDP-to-tax ratio from 13.7% to one that will favor national development,” he said.
GREDAU is a registered Company by Guarantee that seeks to advance, promote and protect the import, export, refinery, commerce, and dealership of gold and other precious metals.
It’s comprised of four members; Simba Gold refinery Limited, Metal Testing and Smelting Company Ltd, African Gold refinery ltd and Aurnish Trading ltd.