By Janette Jessica Koroyeny
As the Uganda Revenue Authority prepares for the implementation of Automatic Exchange of Information (AEOI) next year, it has commenced the engagement of various stakeholders to help them understand the requirements and legalities of this undertaking.
Early this year, the tax body engaged auditors and urged them to sensitize their clients on AEOI and voluntary disclosure. Bankers were also sensitized to the same in a virtual session last week.
The engagement was attended by more than 90 staff from various financial institutions around Uganda.
URA’s Commissioner of Tax Investigations, Denis Kateeba, highlighted Uganda’s journey towards AEOI implementation from a global and domestic perspective and the benefits that accrue therein.
He re-echoed URA’s commitment to engage and support stakeholders and thanked the Uganda Bankers Association for availing time and rallying all their members to attend.
Janette Jessica Koroyeny from the AEOI unit sensitized the bankers on the legal and practical aspects regarding collecting, due diligence, and submission of AEOI returns to URA effective May 31, 2025.
Relatedly, Tonny Okech and Munyagwa Enoch, the AEOI-IT System developers, elaborated on the required forms and system integration-related aspects.
The participants commended URA for taking proactive steps to engage on the subject and assured URA of their commitment to undertake their duties as prescribed in the law.
Meanwhile, URA will continue to engage various stakeholders, including all commercial banks, microfinance deposit-taking institutions (MDIs), custodial institutions, investment firms and fund managers, and specified insurance companies.
