nexus







			Fiscal Guide 2012/13 Income tax Basis of taxation Income tax is levied on both companies and individuals under the Income Tax Act, (Cap 340) of the Laws of Uganda. Tax is charged on the taxable income accruing worldwide for all residents and on the income of non-residents from sources in Uganda. An entity is regarded as a resident if it was incorporated under Ugandan law or if the management and control of its affairs was exercised in Uganda at any time during the year of income or if it undertakes the majority of its operations in Uganda. An individual is resident in Uganda if the individual has a permanent home in Uganda, is present in Uganda for at least 183 days in a twelve-month period, or is present in Uganda for an average of 122 days in the year of income and in each of the preceding years of income. Official holidays • 1 January (New Year’s Day) • 26 January (Liberation Day) • 8 March (International Women’s Day) • 6 April (Good Friday) 9 April (Easter Monday) • 1 May (Labour Day) • 3 June (Martyrs’ Day) • 9 June (Heroes’ Day) • 9 October (Independence Day) • 25 and 26 December (Christmas Day and Boxing Day) • 19 August (End of Ramadan) • 26 October (Eid ezwa − feast of the sacrifice).