Uganda Compliance Report

Regulatory Overview

Regulatory Status

Some rules exist but significant gaps; draft legislation or limited guidance

Key Regulator(s)

Uganda's Financial Intelligence Authority, Bank of Uganda Warns Supervised Entities Against Dealing, Bank of Uganda's, Bank of Uganda Act, Capital Markets Authority of Uganda, United Nations Security Council

Primary Legislation

The operative Bank of Uganda measure is the circular of 29 April 2022, signed by, Act 15 of 2020, Cap. 59, Act 12 of 2013, Cap. 118, and subsequent amendments, available via Uganda Legal Information Institute: https://www.ulii.org/ug/legislation/act/2013/6, Act 15 of 2020, Act 2 of 2004, Chapter 57, Act 12 of 2013, Chapter 118, Uganda has no Bank of Uganda Act of 2000; the central bank statute is the Bank o, No Ugandan statute prohibits an individual from holding or trading virtual asset, The Bank of Uganda's circular of 29 April 2022 directs entities licensed under t, Act No. 3 of 2011, Act No. 4 of 2019, No specific AML regulations for crypto, but FATF standards apply Anti-Money Laun

Travel Rule

Adopted — Threshold: Implemented

Tax Reporting

Uganda has no crypto-asset tax provision, and a resident individual's gain on disposing of crypto held outside a business is not added to other income: the Income Tax Act, Chapter 338, exempts any capital gain that is not included in business income, other than a gain derived from the sale of shares in a private limited company, and Uganda levies no separate capital gains tax.. A resident individual's annual chargeable income up to UGX 2,820,000 bears no Ugandan income tax under Part I of the Third Schedule to the Income Tax Act, Chapter 338, and that threshold applies to crypto-derived income through the general charge, there being no crypto-specific band.. Annual chargeable income between UGX 2,820,001 and UGX 4,020,000 is taxed at 10% of the amount above UGX 2,820,000 for a resident individual in Uganda, under Part I of the Third Schedule to the Income Tax Act, Chapter 338.. Uganda's 20% band for a resident individual runs from UGX 4,020,001 to UGX 4,920,000 and charges UGX 120,000 plus 20% of the amount above UGX 4,020,000; the band stops at UGX 4,920,000 and does not extend to UGX 6,240,000.. Uganda's 30% band for a resident individual runs from UGX 4,920,001 to UGX 120,000,000 and charges UGX 300,000 plus 30% of the amount above UGX 4,920,000; neither UGX 6,240,001 nor a base charge of UGX 564,000 belongs to the Ugandan scale in the Third Schedule to the Income Tax Act, Chapter 338.

Key Facts

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