Civil Society Organizations that promote economic monitoring have implored Members of Parliament to ensure that the new tax proposals before their committees do not affect business and the ordinary citizen as they scrutnise the Ministerial Policy Statements.
The Government through the Ministry of Finance has already tabled before Parliament some of the new tax proposals within the Income Tax Amendment Bill 2024 including a 5% withholding tax on gains earned from the sale of land in cities; municipalities, sale of rental property; sale of shares in a private company among others.
Government also proposes to impose tax on fuel products like; Motor spirit (gasoline) with a rate of Shs1,550 being proposed per litre, Gas oil (automotive, light, amber for high speed engine) and a rate of Shs1,230 per litre and Illuminating kerosene where Shs500 is proposed per liter.
Addressing journalists in Kampala on the risks and enablers for the realizing FY 2024/25 Budget asportations Sofia Nampewo, the Program Manager, Oxfam said adding more taxes on fuel will only raise he cost of doing business.
“The tax proposals are out, we also call upon the members of parliament to look into the ministerial policy statements and make the connection for the revenue collection ensuring that the proposals that come through do not affect business and ordinary citizens, we have proposal around increasing fuel that could be a challenge,” Ms. Nampewo said.
Nampewo also wants government to pronounce it self on the National Development Plan III which expires at the end of this financial year.
‘Two critical things that we are not coming through clearly that coiuld be checked also as we review the ministerial policy statement, we national development plans coming to an end 2024-2025,” Ms. Nampewo said.
