Uganda is facing mounting revenue losses after fresh evidence emerged linking a major gold exporter to large-scale tax evasion through under-declared shipments.
Documents from the Uganda Revenue Authority show that Thaba Investments Limited may have failed to fully declare gold exports between January 2022 and January 2026, raising concerns about oversight in one of the country’s most lucrative sectors.
According to the records, Thaba Investments declared a gross export weight of 586,759 kilogrammes of gold, but reported a net weight of 330,627 kilogrammes. The discrepancy of 256,132 kilogrammes has triggered an investigation into potential tax evasion.
Uganda imposes an export levy of USD 200 per kilogramme on refined gold under regulations introduced in 2024. The undeclared volume represents an estimated loss of USD 51 million (Shs192 billion) in tax revenue.
Officials say such discrepancies point to weaknesses in monitoring and enforcement mechanisms within the gold export chain.
Gold trade dominates exports
Gold remains Uganda’s leading export commodity by value. Government data shows the country earned USD 14 billion in exports in 2025, with gold accounting for about 40% of total earnings.
According to central bank figures, gold exports reached USD 4.2 billion in the 2024/2025 financial year, up from USD 2.9 billion the previous year, marking a sharp increase.
Thaba Investments is believed to handle more than half of Uganda’s gold exports, making the alleged under-declaration particularly significant for national revenue collection.
Allegations of insider involvement
Sources familiar with the matter allege that the scheme may involve coordinated actions by individuals within key institutions, including export monitoring points.
The alleged irregularities are said to span multiple stages, from declaration at Entebbe International Airport to internal systems within revenue authorities.
A spokesperson for the Uganda Revenue Authority acknowledged the challenge, describing under-declaration as a major issue affecting tax collection.
“It’s a vice that sabotages the economy. We are dealing with it as one of the biggest problems we have,” the official said.
Thaba Investments had not issued a public response at the time of publication.
Sanctions history resurfaces
The case has also renewed scrutiny over the company’s past. Thaba Investments previously operated as African Gold Refinery, which was sanctioned by the U.S. Department of the Treasury over allegations of sourcing illicit gold from the Democratic Republic of Congo.
Its director, Alan Goetz, was linked to a network accused of moving conflict gold valued at hundreds of millions of dollars annually.
A report by The Sentry alleged that the refinery processed smuggled gold from conflict zones and exported it to global markets.
The company rebranded in 2022 following sanctions imposed by both the United States and the European Union.
Regional supply chains under scrutiny
Uganda serves as a regional hub for gold refining, importing raw materials from neighbouring countries including the Democratic Republic of Congo, South Sudan and the Central African Republic.
Much of the gold originates from artisanal mining, which is loosely regulated and prone to smuggling across porous borders.
The refined gold is often exported to the United Arab Emirates through trading centres such as the Dubai Multi Commodities Centre, a key global hub for precious metals.
Dubai’s position in the global gold trade has attracted exporters due to its liquidity and relatively flexible sourcing requirements, though increasing scrutiny is pushing for tighter controls.
Analysts warn that continued tax losses could undermine Uganda’s fiscal position, limiting funding for public services and infrastructure.
The growing reliance on gold exports has amplified the risks associated with weak oversight in the sector.
Experts say stronger regulatory enforcement, improved transparency and tighter controls on export declarations are critical to safeguarding national revenue.
