What Is CRS and Why Does It Matter?
International Tax Transparency and Its Impact on Belgian Businesses in Uganda
10/10/20262 min read
What Is CRS and Why Does It Matter?
International Tax Transparency and Its Impact on Belgian Businesses in Uganda
The Common Reporting Standard (CRS) is an international framework developed by the Organisation for Economic Co-operation and Development (OECD) to combat tax evasion through the automatic exchange of financial information between participating countries.
Under CRS, banks and other financial institutions report information about accounts held by foreign tax residents.
Under CRS, participating countries exchange financial account information annually. This generally includes account balances only on 31 December of every year and, depending on the account type, interest, dividends and certain investment proceeds.
CRS does not provide foreign tax authorities with direct access to bank accounts or individual transactions.
Uganda’s CRS Implementation — October 2026
Uganda officially began exchanging financial information under CRS in September 2025, following the adoption of the necessary legislation in 2023.
The Uganda Revenue Authority (URA) can now receive information about foreign financial accounts held by Ugandan tax residents, subject to applicable international exchange arrangements.
In September 2026, URA also introduced a Voluntary Disclosure Programme, allowing taxpayers to declare previously undisclosed foreign income and assets. The programme runs until 30 June 2027.
What Does This Mean for Belgian Businesses in Uganda?
Belgian entrepreneurs and companies with financial interests in both countries should be aware of several important implications:
Foreign bank accounts: Accounts held in Belgium or other participating countries may be reported to URA (only balance on 31st December of every year) if the account holder is a Ugandan tax resident.
Tax residency: Belgian nationality does not automatically imply Belgian tax residency. Actual residency and applicable tax legislation determine reporting and taxation obligations.
Business transactions: Cross-border payments, investments and intercompany transactions should be properly documented.
Tax obligations: CRS does not introduce new taxes. Receiving information about foreign accounts does not automatically make the account balances or income taxable in Uganda.
Transparency, Not Additional Taxation
CRS represents an important step towards greater international financial transparency.
Belgium–Uganda Double Taxation Agreement
Belgium and Uganda signed a Double Taxation Agreement in 2007, followed by an additional protocol in 2014.
However, its full implementation and applicability remain uncertain.
Without an effective agreement, individuals and businesses operating between both countries may face double taxation on certain types of income.
Belgian tax residents are generally taxed on their worldwide income, while Belgian non-residents are normally taxed only on Belgian-source income.
Ugandan tax residents obligations depend on local tax residency and applicable legislation.
CRS does not introduce new taxes, and holding money in a foreign account does not automatically make it taxable. However, tax authorities may request evidence of the origin of these funds to establish whether they represent taxable income, savings, inheritance or other legitimate sources.
CRS does not directly report property or other physical assets held outside your country of tax residence.
The Common Reporting Standard (CRS) focuses on financial accounts, not property ownership.
Further information:
URA — Automatic Exchange of Information
URA — Voluntary Disclosure of Foreign Income and Assets 2026–2027
OECD — Common Reporting Standard
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