Thought Leadership

Don’t kick a man that is already down; real estate sector appeals to Kasaija over 2020/21 proposed taxes Real estate is a fundamental sector of every nation’s economy. How affordable rental prices are, influences the cost of doing business for many other sectors such as tourism, trade and retail and services. In this letter, to Hon. Matia Kasaija, the Finance Minister, Dr. Sudhir Ruparelia, the Founder and Chairman of the Ruparelia Group, the country’s largest property developers and owners, invites the finance minister to revisit certain clauses in the proposed Value Added Tax (VAT) and Income Tax bills 2020, saying they will have adverse effects on the real estate sector in the country and therefore a knock-on effect on the economy as a whole.

Kingdom Kampala Mall is a mixed-use building- a blend of light retail as well as 10 floors of office space.

Meera Investments Limited, the real estate arm of the Ruparelia Group, has written to Hon. Matia Kasaija, the Finance Minister taking exception to a number of proposed tax amendments saying that should they be made into law, they will adversely affect the growth of the real estate sector. In a 2nd April 2020 letter, the Meera Investments’ Managing Director and founder, Dr. Sudhir Ruparelia called out specific clauses in The VAT Amendment Bill 2020 and Income Tax Amendment Bill 2020 saying that these clauses would cripple the sector. “We have had consultations with our tax lawyers, Kampala Associated Advocates, and…

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