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Uganda

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About

Uganda

Capital
Official languages
Population 
Currency

ISO 4217

Kampala

English and Swahili

Approximately 44.5 million

Ugandan Shilling

UGX

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Economy

"Uganda's economy has been steadily growing in recent years, with a GDP growth rate of 5.7% in 2019. This growth is largely driven by the services sector, which accounts for over half of the country's GDP. The agricultural sector is also a major contributor to the economy, accounting for about a quarter of GDP. The manufacturing sector is relatively small, but is growing at a rapid rate, with a growth rate of 8.2% in 2019.

The country has seen a steady increase in foreign direct investment (FDI) in recent years, with a total of $1.3 billion in 2019. This is largely due to the country's favorable investment climate and its strategic location in East Africa.

Uganda's unemployment rate is relatively high, at 6.2% in 2019. However, the country has seen a steady decline in poverty levels, with the poverty rate falling from 24.5% in 2006 to 19.7% in 2019.

Overall, Uganda's economy is showing signs of steady growth, with a strong services sector and increasing FDI. The country is also making progress in reducing poverty levels, although unemployment remains a challenge."

Taxation

In Uganda, both individuals and corporations are subject to taxation.


For individuals, income tax is charged on employment income, business income, and rental income. The tax rates range from 0% to 30%, depending on the income level. There is also a value-added tax (VAT) of 18% on goods and services, as well as excise taxes on certain products like alcohol and tobacco. Additionally, individuals are required to make social security contributions to the National Social Security Fund (NSSF), which is a mandatory savings plan that provides retirement and other benefits.


For corporations, the corporate income tax rate is a flat rate of 30%. However, there are several tax incentives and exemptions available for companies that invest in certain sectors or regions. There is also a VAT of 18% on goods and services, as well as excise taxes on certain products.


The tax payment process in Uganda involves making regular payments of income tax, VAT, and other taxes throughout the year. Employers are required to deduct income tax from their employees' salaries on a monthly basis and remit the tax to the Uganda Revenue Authority (URA) by the 15th of the following month. Self-employed individuals and businesses are required to file and pay their taxes on a quarterly basis. VAT returns are due on a monthly basis, with the tax payable by the 20th of the following month. Excise taxes are also paid on a monthly basis.


The tax calendar in Uganda varies depending on the type of tax, but generally, individual income tax returns are due by June 30th of the following year, while corporate income tax returns are due by March 31st of the following year. VAT returns are due by the 20th of the following month, and excise taxes are due on a monthly basis. It is important to note that these deadlines and payment schedules may be subject to change, and individuals and corporations should consult with a tax professional or the URA for the most up-to-date information.

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