Find Accountancy, Audit and Tax expertise in Uganda
Many of the large companies and banks in Uganda are audited by large international accounting firm networks. The ‘Big Four’ accountancy firms – Ernst and Young, PWC, KPMG and Deloitte – are all present in the country. Local accounting firms mainly audit the small and medium-sized enterprises. Adoption of the International Financial Reporting Standards (IFRS) in Uganda is progressing with all companies required to prepare their financial statements in accordance with the guidelines. In addition, the Financial Institutions Act (2004) means that all financial institutions must use IFRS in the preparation of their financial statements. According to the World Economic Forum Global Competitiveness Report (2012-13) Uganda scores 4.1 out of 7 for strength of auditing and financial regulation, slightly below the world mean of 4.6. In the World Bank Ease of Doing Business Index (2011), when it comes to resolving insolvency Uganda comes in 63rd position out of 183 countries, above neighbour Kenya in 92nd place.
The Institute of Certified Public Accountants of Uganda regulates the accountancy profession. The profession has grown exponentially since 1990, when there were fewer than 100 accountants. In 2012 there were are over 1,000 qualified accountants in Uganda and more than 5,000 studying for the profession. Access to the Association of Certified Chartered Accountants (ACCA) is good as there is a base in the capital city Kampala.
There is a progressive income tax regime starting at 10% and rising to 30%. Corporation tax is normally 30%, and capital gains are also taxed at 30%. With regards to total tax rate, Uganda ranks 63rd out of 141 countries worldwide, four places above the UK, according to the World Economic Forum Global Competitiveness Report (2012-2013).
|Accountancy, Audit and Tax organisations in Uganda|
|Edes & Associates||
|Ernst & Young||
|Institute of Certified Public Accountants, The||
|PIM & Co.||
|PKF - Uganda||