Page 44 - Profmark Africa Overview 2024

Uganda (GMT +3)

General:
▪ Capital City: Kampala
▪ Official Language: English, Swahili
▪ Currency: Ugandan Shilling (UGX)
▪ Main Exports: Coffee, tea, cotton, copper, fish, horticultural products
▪ Surface Area: 241,6 sq. km (thousands)
▪ Population: 50,015 million (2024,est)
Key Economic Indicators:
▪ GDP: $49.27 billion (2023) / GDP Growth Rate: 5.2% (2023)
▪ CPI Inflation Rate (annual): 5.4% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: B
▪ Indicator of Economic Freedom Score: 50.7/100
Exchange Controls:
▪ N/A
Basis of Taxation: (Tax Year End: 30 June)
▪ Residents: Worldwide income
▪ Non-residents: Ugandan-source income
Tax Rates:
▪ Individuals: Progressive rates to 40% [the first UGX 2,820,000 of taxable income - 0%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 18%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Ugandan Revenue Authority https://www.ura.go.ug
▪ Bank of Uganda https://www.bou.or.ug
▪ Uganda Investment Authority http://www.ugandainvest.com

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