Monday , September 25 2017
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Traders welcome ban on paying rent in dollars

Ugandan traders reacted with glee when parliament inserted a clause in the Income Tax Amendment Bill prohibiting charging of rent in dollars.

The clause stipulates that all agreements on rent shall be executed and effected in no other currency other than Ugandan shillings.

This was the result of persistent complaints by Kampala City Traders Association (KACITA) about the exorbitant rent arrears charged in dollars.

Last year, a group of MPs asked government to compel owners of commercial buildings in Kampala to charge rent in Ugandan currency but government was not intent on any action.

Kasilo County MP Elijah Okupa who introduced the matter said local companies were folding due tu the high cost of doing business in dollars.

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