Assessing Uganda's business tax system | MorningAtNTV

The Ugandan government is proposing a 10% increase in spending to Shs 58.3 trillion for the upcoming FY 2024/25, amid concerns about budget cuts, including for Parliament. The Ministry of Finance, Planning, and Economic Development has outlined strategies to boost tax revenues in the next financial year, pending parliamentary approval. These strategies involve amendments through five key tax legislation bills: the Excise Duty Amendment Bill, 2024; the Stamp Duty Amendment Bill, 2024; the Income Tax Amendment Bill, 2024; the Value Added Tax Amendment Bill, 2024; and the Tax Procedures Code Amendment Bill, 2024. These amendments are currently under review by the House Committee on Finance, chaired by Amos Kankunda. Notable proposals include introducing an Excise Duty Tax of Shs 500 on each 50 kg bag of cement, as well as on adhesives, grout, white cement, or lime. Additionally, the government plans to impose a 10% tax or Shs 75, whichever is higher, on mineral water, bottled water, and other types of drinking water. Moreover, under the proposed Excise Duty Amendment Bill 2024, the government aims to adjust the duty on fuel products, with increases in duty for Motor Spirit (petrol), diesel, and kerosene. Joining us to discuss the economic implications of these proposed changes are Mark Ruhindi, a tax lawyer; Robert Ssuuna, an economist; and John Walugembe, Editor at FSMES. #NTVNews #NTVTonight #NTVWeekendEdition Subscribe to Our Channel For more news visit http://www.ntv.co.ug Follow us on Twitter http://www.twitter.com/ntvuganda Connect with us on Messenger via m.me/NTVUganda