Government axes gold tax not wanting to lose central role in trade

“I am going to remove that royalty. You were scared of the tax but now we have removed it. The royalty for those in transit has also been removed,” Museveni had said in February 2017, as he launched the Africa Gold Refinery: a $20m investment by Alain Goetz, a Belgian gold dealer. “There will be no excuse for anybody not to bring their gold to the refinery.”

Royalties were entirely removed. However, a tax on gold exports remained: 5% tax on local and 1% on smuggled or imported gold. Museveni’s royalty removal order came amid a gold export boom. The country exported gold worth $339m in 2016 from a paltry export worth $35m the previous year.

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