Uganda Revenue Authority seeks to establish fair tax framework for crypto

At the 2024 Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes held in Paraguay, the Uganda Revenue Authority (URA) announced plans to harmonize the taxation regime for crypto-assets in Uganda. State Minister Amos Lugoloobi emphasized the importance of inclusivity, stating that all Virtual Asset Service Providers must adhere to the same regulations, regardless of their location.

The newly introduced Crypto-Asset Reporting Framework aims to ensure fairness and efficiency in tax reporting, preventing any service providers from evading compliance. The URA's collaboration with the Ministry of Finance will focus on expanding the tax base and fostering economic growth through better regulation of crypto-assets.

Minister Lugoloobi welcomed international cooperation in identifying jurisdictions participating in the reporting process, reinforcing Uganda's commitment to global standards. The framework will provide timely and reliable information to support future policy reviews and enhance revenue mobilization.

Arum highlighted that this initiative is crucial for building public trust in the crypto market, ensuring that no one is left behind as Uganda navigates the complexities of digital assets.