By; Ben Musanje
Cabinet has directed the Uganda Revenue Authority (URA) to drop its intentions of demanding for omnibus disclosure of information on people’s accounts from commercial banks.
This stems from a March 16 letter by the URA’s commissioner of Domestic Taxes, Henry Saka, asking all the commercial banks in the country to provide information on all account holders from January 1, 2016 to December 31, 2017.
Addressing the media in Kampala, the Cabinet Spokesperson who is also the Minister for ICT and National Guidance Frank Tumwebaze said it should target accounts of individuals who are a subject of tax investigation as it has been the practice.
He further states that cabinet advised URA to work and coordinate with the Financial Intelligence Authority (FIA) to monitor all financial inflows without having to interfere with the business of banks.
According to Tumwebaze, the minister of finance has been directed to advise URA against proceeding with the demand.
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