Auditor General’s assessment of the Uganda Petroleum Fund financial statements

This is a report of the Office of the Auditor General of the financial statements of the Petroleum Fund.

Of significance, in the report, is that monies collected by Uganda Revenue Authority (URA) under the income tax on income derived from petroleum operations such as PAYE, VAT and WHT is not being remitted to the Uganda Petroleum Fund. This contravenes the Public Finance and Management Act 2015.

In addition the definition of revenues appears restrictive as it doesn’t include import duties and VAT payments from petroleum activities.

The report also reveals that no transfers were made from the Petroleum Fund to either the Consolidated Fun or the Petroleum Revenue Investment Reserve by 31 December, 2016.

The report is available below to download or read online.