MPs urged to ensure new taxes don’t affect businesses
Civil Society Organizations on Economic Monitoring have implored Members of Parliament to ensure that the new tax proposals before their committees do not affect business and ordinary citizens as they look into the Ministerial Policy Statements.
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 Shs1550 being proposed per litre, Gas oil (automotive, light, amber for high speed engine) & a rate Shs1230 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, Program Manager, Oxfam said adding more taxes on fuel will lead to increase in the 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 does 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 whose tenure comes to an end 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.
Latest news
