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By CPA David Kiwanuka Section 5 of the Income Tax Act has been amended to include a new subsection 2a. This new subsection provides that: “A person who during a year of income earns rental income from more than one building shall account for the income and expenditure of each building separately and shall pay tax for each building separately.” A second amendment concerning rental income is in line with the amendment of section 22 of the Income Tax Act: “In the case of rental income, seventy-five per cent (75%) of the rental income is deductible as expenditure and losses…
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The government of Uganda has announced the introduction of new taxes so as to shore up revenues that will finance the new budget for Financial Year 2021/2022. Amos Lugoloobi, the newly appointed State minister for finance in charge of Planning, who presented the 2021/2022 financial year budget on Thursday, 10 June 2021 said domestic revenue for next financial year is projected at Shs22.425 trillion, equivalent to 13.8% of GDP, compared to a projected outturn of Shs19.432 billion, equivalent to 13.1% of GDP in FY 2020/21. “Accordingly, I will highlight some tax policy interventions which will be implemented in Financial Year…
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Government has cut by UGX121 million the amount of money the Parliamentary Commission had requested in its budget for the Financial Year 2021/2022 to purchase new cars for Members of the 11th Parliament. The Parliamentary Commission had requested for UGX321 million as motor vehicle facilitation to each of the 529 MPs that will sit in the 11th Parliament which gets to work next month. The total amount would be up to about UGX16.98 billion. This drastic change, which will be a blow to some of the MPs who had already planned to buy expensive vehicles, was presented in the Budget…
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Uganda’s Ministry of Finance, Planning and Economic Development (MoFPED) has trimmed down government planned expenditure for the Financial Year 2021/22 by at least UGX4.36 trillion, indicating anticipated failure to meet its revenue targets on an already shoestring budget. Initially in the Budget Framework Paper (BFP), laid before Parliament, government anticipated a resource envelope of UGX45.66 trillion, which was a few billions shy of the UGX45.49 trillion allocated for FY2020/21. The year before, the budget was increased by some UGX5.85 trillion, up from UGX39.64 trillion in 2019/20. The revised budget presented today by the Finance Minister Matia Kasaija to the Parliamentary…
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