By Abdullah Rabiiba
URA has introduced the Automatic Exchange of Information (AEOI) framework to the Insurance Brokers Association of Uganda (IBAU). This was during an engagement held on Wednesday at the URA offices which focused on ensuring compliance with the AEOI Act 2023. The AEOI act took effect on July 1, 2023.
In his opening remarks, the Ag. Commissioner of Tax Investigations Jimmy Ekemu, emphasized that the AEOI framework is a reflection of Uganda’s commitment to tax transparency and compliance.
“This law will significantly enhance our ability to address tax compliance issues related to cross-border transactions,” he said,
Ekemu assured participants that this would be the first of many engagements to guide stakeholders through the law’s requirements.
David Dongo, the Ag. Manager of Exchange of Information delivered a detailed presentation on the AEOI law outlining key obligations for brokerage firms and the need for due diligence procedures to ensure accurate reporting.
Muhame Paul, the Chairman of IBAU urged members to fulfil their responsibilities, particularly in identifying non-resident account holders through customer due diligence.
Chris Bakesiga, the head of the IBAU secretariat, highlighted the importance of ongoing collaboration between insurance brokers and URA to ensure seamless compliance.
The AEOI law, which requires the annual exchange of financial account information between tax authorities, aligns Uganda with international tax transparency standards. By participating in this initiative, URA gains access to tax-related information from over 148 countries, enhancing its ability to combat cross-border tax evasion. This is part of Uganda’s broader commitment as a member of the OECD Global Forum and the African Tax Administration Forum.
The AEOI standards are expected to bring benefits to businesses in Uganda, such as reduced operational costs, better access to international funding, and an improved global reputation. The meeting concluded with a call for continued dialogue and cooperation to strengthen Uganda’s tax transparency and revenue generation efforts.
