TAX OPINION: The proposed tax on the sale of property in The Income Tax Bill 2023 is too extreme 

The Income Tax Bill published on 30th March 2023 is spectacular in that it attempts to make dramatic reforms in tax. Apart from doing away with the incentive for investors called initial allowance (50% of the cost base of an eligible property in a radius of 50km outside Kampala and 20% within that radius), it has introduced a wider-ranging tax on digital transactions. Of the proposed reforms, perhaps one that will most likely have wide-ranging effects, if not checked by Parliament, is the redesigning of the policy on the sale of assets which has been upgraded from taxing business assets…