Commercial banks to sue URA over customer information

By Ritah Kemigisa

Banks under their umbrella body Uganda bankers association have assured all their customers and stakeholders that they will maintain their confidentiality and protect their right to privacy.

This follows 16TH March letter by URA’s commissioner of Domestic taxes Henry Saka asking all commercial banks in the country to provide information on all account holders from January 1st 2016 to December 31st 2017.

In a statement issued by the association’s executive director Wilbrod Owor and the chairman Fabian Kasi, the bankers association says they are currently in consultations with various line authorities, financial stake holders, URA and Bank of Uganda to address the matter.

They meantime reveal that on Friday 6th April 2018, the association resolved to file a petition in the constitutional court contesting the various provisions of the tax law relied on by URA.

These argue that the request by URA is likely to have unintended negative consequences.