The Global Forum on Tax Transparency and Exchange of Information is conducting a peer review of Uganda’s tax and financial information protection and exchange practices.

The second such review since 2015 when Uganda joined the Forum is aimed at enhancing Uganda’s international financial integrity reputation, the Uganda Revenue Authority (URA) said.

The Commissioner General of URA, John Musinguzi, speaking at the opening of the 2nd Round Peer Review on Exchange of Information on Request (EOIR) at Sheraton Kampala Hotel on Tuesday said the exercise is part of strategic initiatives to remove Uganda from the transactional grey list.

He noted that the exercise signifies a dedicated effort to promote international financial integrity. Uganda received a ‘largely complaint’ rating in 2015; the second-highest rating in that review.

Musinguzi said: “We have an interest in the Peer review process because the exchange of information with treaty partners serves as a key source of information on taxation of multinational corporations and cross-border investigations.”

Adding: “This review will demonstrate Uganda’s readiness to join a group of 168 countries that freely share tax and financial information. This sharing of information will enable the authority to access accurate data concerning multinational and cross-border investigations.” 

Moses Kagwa, the Director of Economic Monitoring at the Ministry of Finance and Economic Development, called on all government agencies to cooperate and support URA in this review. 

The Uganda Revenue Authority has announced that it has collected Shs256 billion from the use of Exchange of Information on Request, a tool that allows tax authorities to share information with other countries.