Saturday , September 23 2017
Home / The News Today / KADAGA: Income Tax Amendment Bill is now law

KADAGA: Income Tax Amendment Bill is now law

Parliament in session on Wednesday.

Uganda Parliament Speaker Rebecca Kadaga has confirmed that the Income Tax Amendment Bill (copy bottom) is now law.

Kadaga told parliament on Wednesday that technically, the law has been assented to despite President Yoweri Museveni returning the bill to parliament for the third time last month, seeking amendments. The Income Tax Bill has therefore been passed without amendments.

The bill seeks to amend the In­come Tax Act, Cap. 340 to pro­vide for car­ry­ing for­ward of losses in re­spect to merg­ers and ac­qui­si­tions; to pro­vide for the rate of tax payable by a non-res­i­dent per­son de­riv­ing rent from Uganda; to exclude pub­lic listed com­pa­nies from the share­hold­ing requirements as re­gards ac­cess­ing ben­e­fits pro­vided in an in­ter­na­tional agree­ment; to amend the de­f­i­n­i­tion of pe­tro­leum tax­a­tion; to im­pose an oblig­a­tion on per­sons em­ployed by diplo­matic in­sti­tu­tions and in­sti­tu­tions with diplo­matic priv­i­leges to file re­turns of in­come with the Uganda Rev­enue Au­thor­ity; and for re­lated mat­ters.

“The Income Tax bill was already signed into law. I asked the President to ask the minister to table it as a bill,” Kadaga told Parliament, as Members of Parliament (MPs) had a final session Wednesday before the end of year break.

While the Income Tax Amendment Bill mainly deals with oil revenue, it also effects a proposal to exempt legislator’s allowances from taxes. MPs will enjoy tax exemptions despite condemnation from the public.

President Museveni had objected to the bill earlier in the year, stating that one of the proposals to exempt MPs would undermine efforts to improve domestic taxes.

In today’s session, MP Abdu Katuntu delivered a report from his Parliamentary Committee on Commissions, Statutory and State Enterprises (COSASE). It is related to the Attorney General’s findings for selected entities, including Uganda National Roads Authority (UNRA) and Uganda Broadcasting Corporation (UBC) for FY2013/14 and  2014/15.

 

 

 

 

 

 

 

 

 

 

 

Income Tax Amendment Bill 2016 by The Independent Magazine on Scribd

****

[email protected]

 

Leave a Reply

Your email address will not be published. Required fields are marked *