Uganda: Required audited financial statements for high turnover taxpayers

High turnover taxpayers with income year ended June 30, 2024, are required to submit final income tax return with audited financial statements by December 31, 2024.

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October 11, 2024

The Uganda Revenue Authority (URA) has issued a public notice announcing that effective September 1, 2024, a person with annual turnover equal to or greater than UGX 500 million (approximately US$136,000) is required to submit / file an income tax return with audited financial statements prepared by a registered member of the Institute of Certified Public Accountants of Uganda.

Therefore, a taxpayer with an income year ended June 30, 2024, and an annual turnover of UGX 500 million or more is required to submit their final income tax return together with the audited financial statements by December 31, 2024.

This requirement is applicable to both original and amended income tax returns for the following categories:

  • Final income tax returns for non-individuals
  • Final income tax returns for individuals
  •  Final income tax returns for partnerships

Read an October 2024 report prepared by the KPMG member firms in East Africa 

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