Uganda Gears Up For Maximum Benefit From Oil

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The Republic of Uganda is getting itself ready to garner maximum benefits from oil production which begins in “a few years’ time”.

Commissioner General of the Uganda Revenue Authority, Ms Doris Akol, who disclosed this, said  “work is already in progress for building URA’s capacity to accurately track revenues and tax the incomes of oil companies”.

In an interview on the sidelines of a meeting on “transparency in the extractive industry”, Miss Akol said with oil production expected to begin in a few years, oil companies are bound to start making lots of money.

However, the URA boss warned the oil companies against “attempting to avoid paying taxes” “through tax avoidance schemes” once commercial oil production starts.

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