Amb. Nimisha J. Madhvani signs the agreement on Convention on Mutual Administrative Assistance in Tax Matters, looking on is Mr. Kiiza Lawrence, the Director Economic Affair MoFPED.
On 4th November 2015, Uganda's Ambassador to Paris Amb. Niumisha J \r\nMadhvani on behalf of Uganda signed a Convention on Mutual \r\nAdministrative Assistance in Tax Matters with OECD at the OECD \r\nHeadquarters in Paris.
Uganda becomes the 90th country to join the Convention, and the 8th on the African continent.
On behalf of OECD, the Deputy Secretary General Mr. Douglas Frantz \r\ncongratulated Uganda for taking this significant step to improve global \r\ntransparency by entering the Convention on Mutual Administrative \r\nAssistance in Tax Matters.
He noted that with this action, Uganda demonstrates that it is a key partner in the global fight against tax evasion and tax avoidance. The people of Uganda will reap the benefits of this bold action. OECD further observed that Kampala¡¯s foresight sets a standard that will encourage other countries in the region to follow its example.
The Deputy Secretary General said that Smart governments from developing and developed countries recognize that tax evasion is a crime that robs their citizens. It weakens the ability of governments to provide essential services like health care and education and it diminishes trust in leaders. The convention is a vital tool in ensuring that citizens and businesses alike pay their fair share of taxes.
That being part of the Convention will help Uganda develop a stronger infrastructure for tax collection. It will contribute to a culture of paying taxes. And it will bring Uganda into the worldwide network of countries cooperating to combat financial crimes and illicit money flows.
He further observed that these steps are particularly important as foreign investment in Uganda increases and the hydrocarbon sector expands. Ugandans need to be confident that the multinational companies doing business in their country are paying their fair share of taxes.
He was hopeful that Parliament will ratify the Convention quickly so Uganda can take full advantage of the capacity-building and training support available through the convention.
The Deputy Secretary of OECD also encouraged Uganda to sign on to the Automatic Exchange of Financial Account Information, which further expands co operation between tax authorities worldwide.
In our response, Amb. Nimisha J. Madhvani said that Uganda was committed to ensuring that it provides the safest investment climate and to adhere to international rules and standards which was the reason why Uganda was signing this agreement. H.E assured OECD that Ugandan Parliament will be in position to ratify this agreement and further called for closer cooperation between OECD Headquarters and the Uganda Mission in Paris to ensure that Uganda is kept abreast of all the happenings in OECD.
The Ceremony was climaxed with the signing of the agreement.
Ambassador Nimisha J. Madhvani was accompanied by the Director Economic Affairs, Mr. Lawrence Kiiza, Commissioner Tax Policy, Mr Moses Kagwa all from MoFPED, Irene Bashabe, Manager Intelligence URA Tax Investigations and Mr. Kamahungye Elly, Minister Counsellor at the Mission.