Tax Lab · Policy design & simulation
Uganda PE-VC Financial Model
A real private-equity fund distribution waterfall, computed live on your own fund parameters, alongside Uganda's real withholding tax rates on outbound distributions to a fund's investors.
The waterfall formulas are real, standard PE mechanics, and the withholding rates are real and sourced. The fund figures you enter are illustrative.
What this page is, and isn't
The Tax Lab catalogue describes this as a six-scenario IRR/MOIC fund-waterfall model, a structure comparator (LP/LLP/SPV/hybrid) and a withholding-tax optimiser across Uganda's double tax agreements, built around FSD Uganda / Capital Markets Authority Guidance Note 1 (2024-25 reforms). No real Uganda PE/VC fund's actual figures are available to this repo, so this page doesn't invent a specific fund's numbers. What it does instead: implement the real, standard whole-fund distribution waterfall (the same mechanics the catalogue's own IRR/MOIC comparison would run on) as a live calculator over whatever fund parameters you enter, and pair it with Uganda's real, sourced withholding tax rates on outbound dividends, interest and royalties, the real inputs a treaty-routing comparison would actually need.
The calculator
Real formulas, your fund parameters
The fund distribution waterfall
The standard four-tier whole-fund waterfall: return of capital, then a preferred return (hurdle) to LPs, then a GP catch-up, then the residual split at the carry rate. Real, standard private-equity mathematics; the fund figures are illustrative, not a real Uganda fund's numbers.
Hover a bar. Each stage's amount to LPs (blue) and GP (orange), stacked on the running total distributed so far, the standard whole-fund waterfall.
Total to LPs
UGX 19,600m
Total to GP
UGX 2,400m
LP net multiple (MOIC)
1.96x
Real, PwC Uganda tax summaries
Withholding tax on outbound distributions
| Jurisdiction | Dividends | Interest | Royalties |
|---|---|---|---|
| Non-treaty (statutory rate) | 15% | 15% | 15% |
| Mauritius(URA applies a strict beneficial-ownership and economic-substance test before granting this rate.) | 10% | 10% | 10% |
| India | 10% | 10% | 10% |
| Netherlands(Dividend rate depends on the recipient's shareholding; technical-fee rate has been separately contested.) | 0-10% | 10% | 10% |
| United Kingdom(Treaty rate matches the statutory rate; the treaty's main benefit here is certainty and dispute resolution, not a lower rate.) | 15% | 15% | 15% |
PwC Uganda, Corporate - Withholding taxes (taxsummaries.pwc.com/uganda/corporate/withholding-taxes), cross-checked 2026-10-07.
Limitations
- No real Uganda fund's size, returns or structure are used; every figure in the calculator is whatever you enter.
- This implements a European (whole-fund) waterfall only; the catalogue's own six-scenario comparison and its LP/LLP/SPV/hybrid structure comparator aren't reproduced.
- Withholding rates shown are the headline treaty rates; URA applies beneficial-ownership and economic-substance tests before granting them in practice (noted per jurisdiction where documented), and real structuring needs a current legal opinion, not this table.
- FSD Uganda / Capital Markets Authority Guidance Note 1 (2024-25 reforms), which the catalogue entry is built around, is not itself implemented here.
Sources: PwC Uganda, Corporate - Withholding taxes (withholding rates). Catalogue reference: FSD Uganda / Capital Markets Authority, Guidance Note 1 (2024-25 Reforms).