Uganda Transfer Pricing Regulations are out!

Introduction
The Minister for Finance, Planning and Development has finally published the Income Tax (Transfer Pricing) Regulations, 2011. These regulations are based on provisions of Section 90 and Section 164 of the Ugandan Income Tax Act and take effect from 1 July 2011.

The Ugandan Revenue Authority is joining the global trend towards laying emphasis on non-traditional revenue sources and moving towards Transfer Pricing and related party transactions. In this regard, these regulations are meant to ensure that transactions between Ugandan taxpayers and related non-resident entities are at arm’s length.