A recurrent question tax practitioners in Uganda face is whether the Limitation on Benefit clause within the Income Tax Act can override the benefits under the country’s Double Tax Agreements.?
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We are a specialist legal and financial advisory firm that helps individuals and corporate organizations accomplish their objectives through our integrated service offerings. We boast of a multidisciplinary team of advisors with experience working in the sub-Saharan African region that provides total business solutions. Our deep pool of professionals offers cutting edge and creative solutions to modern day business challenges and are overseen by Partners with the skill and experience necessary to ensure the delivery of quality work, in a timely manner and with the highest levels of professionalism. Our customer–centric philosophy is hinged on being a reliable services provider, offering , efficient and commercially viable solutions in our specialist areas of practice.
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https://www.cristaladvocates.com
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- 2018
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Given the prolonged timelines for recouping investments sunk into capital-intensive ventures, along with the perceived high risks of investing in developing countries, a lot of such foreign investment into Uganda is channelled through entities domiciled in jurisdictions with which it either has a Double Taxation Agreement (DTA), a Bilateral Investment Treaty (BIT), or both. Focussing on only one aspect of these agreements, this article delves into a high-level discussion of the implications, if any, of Most Favoured Nation (MFN) clauses found in BITs and DTAs.
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With the Uganda Revenue Authority increasingly focusing on merger and acquisition transactions, there is growing apprehension that the 2018 amendment to sections 75 and 79 of the Income Tax Act may inadvertently lead to double taxation more so for local companies where shareholders disposing off shares have already been subjected to capital gains tax.