This study examined the relationship between taxation and public debt in Uganda using monthly time series data from March 2015 to January 2025 obtained from the World Bank World Development Indicators database. The study specifically investigated the effect of taxes on goods and services (% of revenue) on central government debt, total (% of GDP) using the Ordinary Least Squares (OLS) estimation technique. Empirical findings revealed that taxes on goods and services have a statistically significant negative effect on central government debt (β = -0.851024, p < 0.01), implying that increased domestic revenue mobilization reduces reliance on debt financing in Uganda. The model was statistically significant overall (F-statistic = 15.76147, p = 0.000124), while the Durbin-Watson statistic (2.004074), confirmed absence of serial correlation. The study concludes that strengthening tax revenue collection is essential for enhancing fiscal sustainability and reducing public debt accumulation. The study recommends improving tax administration, widening the tax base, enhancing tax compliance, and promoting efficient utilization of public revenues to reduce excessive borrowing.