Uganda Revenue Authority (URA) has extended its Voluntary Disclosure Program for foreign income and assets to June 30, 2027, giving resident individuals and entities an opportunity to declare previously undeclared or under-declared offshore income and assets and regularise their tax affairs.

The extension covers the period from July 1, 2026 to June 30, 2027, according to a public notice issued by URA on September 7, 2026.

The program targets resident individuals and entities with undeclared or under-declared foreign income earned in 2024 and 2025, together with related foreign assets and financial accounts.

URA says eligible taxpayers who make voluntary disclosures before the June 30, 2027 deadline can access several benefits under Section 84(2) of the Tax Procedures Code Act, Cap. 343.

According to URA, eligible taxpayers who voluntarily disclose their foreign income or assets can benefit from a full waiver of penalties and interest on taxes declared and paid under the program.

They may also receive no compliance review in respect of voluntarily declared foreign income for 2024, 2025 and prior periods.

The program further provides for immunity from prosecution for tax offences arising from voluntarily disclosed income or assets, subject to applicable tax laws.

Taxpayers may also be allowed flexible payment arrangements, including payment by instalments.

URA says participants may additionally receive priority treatment at the tax authority, including expedited refunds, priority customs clearance, Authorized Economic Operator (AEO) benefits and withholding tax exemption, where applicable.

The notice applies to resident individuals and entities with reportable foreign income or assets.

These include: Foreign income earned in 2024 and 2025, Foreign financial accounts, Overseas investments, Foreign real property, Other reportable foreign assets and Other offshore income or assets reportable under Uganda's Convention on Mutual Administrative Assistance in Tax Matters framework.

The program is therefore relevant to taxpayers who have income, investments, accounts or property outside Uganda that may have tax-reporting implications in Uganda.

URA's notice makes an important distinction: the relief is available only where the taxpayer makes a voluntary, accurate and complete disclosure before the information is discovered by URA or before an audit or investigation begins.

This means that simply making a disclosure before June 30, 2027 does not by itself guarantee the benefits if URA has already discovered the relevant information or commenced enforcement action.

The timing of the disclosure is particularly significant because Uganda has an Automatic Exchange of Information (AEOI) framework through which financial-account information can be exchanged between tax authorities.

URA says AEOI involves the systematic and periodic exchange of information on financial accounts and certain categories of income, including interest, dividends, royalties, salaries and pensions. Uganda's framework is based on the Convention on Mutual Administrative Assistance in Tax Matters, the Multilateral Competent Authority Agreement and the Common Reporting Standard.

URA has previously stated that information received through AEOI can help identify offshore tax non-compliance.

Taxpayers seeking to use the voluntary disclosure program are required to complete and submit the Voluntary Disclosure of Foreign Income and Assets Form available through the URA portal.

Where necessary, taxpayers must also amend their relevant tax returns in accordance with the Tax Procedures Code Act.

URA says all disclosures under the current program must be submitted on or before June 30, 2027.

The extension gives taxpayers with previously undisclosed foreign income or assets an opportunity to regularise their tax affairs while accessing relief from penalties and interest and other benefits provided under the program.

However, taxpayers considering disclosure should ensure that the information submitted is full, accurate and complete, particularly because URA's notice expressly makes the benefits conditional on voluntary disclosure before discovery, audit or investigation.

URA's latest notice follows its earlier implementation of a Voluntary Disclosure Program for foreign assets and income under Section 84(2) of the Tax Procedures Code Act.