News & Up­dates:

Ministry of Finance, Planning and Economic Development will not be introducing new taxes in the Financial Year 2022/23, the Minister of Finance, Matia Kasaija has said.

Kasaija made the statement on 14th June 2022, at the National Budget Reading for Financial Year 2022/23 held at the Kololo Independence Grounds.

The Minister said Parliament had not introduced new taxes as was reported in the media but that they had only made amendments to the already existing tax laws.

On 17th and 18th May 2022, Parliament of Uganda passed 7 of the 8 Tax Bills that were tabled by State Minister of Finance (General Duties), Henry Musaasizi during the presentation of the Ministerial Policy Statements and Budget estimates for FY 2022/23.

These include; The Excise Duty (Amendment) Bill, 2022, the Income Tax (Amendment) Bill, 2022, the Stamp Duty (Amendment) Bill, 2022, the Tax Appeals Tribunal (Amendment) Bill, 2022, the Tax Procedures Code (Amendment) Bill, 2022, and the Value Added Tax (Amendment) Bill, 2022.

Kasaija further explained that Parliament only revised the Laws to clear any ambiguous provisions in the Laws and close any loopholes that could lead to revenue leakage but not increased the taxes as was reported.

Social media was awash with news of an increment in taxes with many questioning why Government would increase taxes given the current economic situation.

Kasaija explained that Government will achieve its revenue targets by improving the efficiency in tax collections and enhancing compliance with the tax laws.

He said they would also enhance the capacity of The Uganda Revenue Authority, URA by recruiting and training more staff, and deploying appropriate equipment in ICT to enforce tax laws.

Ends….