UGANDA BANKERS ASSOCIATION WANT PARLIAMENT TO CONSIDER AMMENDMENT TO CHARGE VAT

Uganda Bankers Association has asked parliament not to consider the amendment of charging value added tax on the proceeds of the collateral that has been auctioned because the transaction is related to a financial service which is not supposed to be imposed VAT. While appearing before the finance committee of parliament to give their input on the amendments in the tax bills the executive director Uganda bankers association Wilbrod Awor said this will lead to an additional 18% VAT on the proceeds and also makes recovery much more difficult.