Object of the Bill
The object of this Bill is to amend the Income Tax Act, Cap. 340 to substitute the definition of beneficial owner to revise the definition of exempt organisation, to revise the tax rate applicable to individuals and companies for purposes of rental income, to provide for a ceiling on deductible expenses on rental income for non-individuals, to provide for the extension of the tax holiday for Bujagali Hydro Power Project for five years, to provide for the harmonisation of the scope of qualiffing sectors for tax incentives and related investment thresholds under the Income Tax Act, Cap. 340, Value Added Tax Act, Cap. 349, Excise Duty Act, 2014 and Stamp Duty Act, 2014, to provide for exclusion of income from transportation of cargo embarking outside Uganda, to clarifu the apportionment of income qualifuing for exemption under the ten year tax holiday, to provide for the definition of"business asset for the purposes of section I l 8B (2), to provide for the International Development Law Organisation as a listed institution and for related matters.
Bill Document
Other Attachments
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CFI for the Income Tax (Amendment) Bill, 2022.pdf
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FPED3-22-Report on the Income Tax (Amendment) Bill, 2022.pdf
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A Minority Report on the Income Tax (Amendment) Bill, 2022.pdf
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The Income Tax (Amendment) Bill, 2022
Sponsored By Hon. Matia Kasaija (Minister of Finance, Planning and Economic Development)
Committee: The Committee on Finance, Planning and Economic Development
Start
First Reading/Committee
Bill is still at First Reading, the first reading being the first stage of a Bill passage through the Floor of Parliament and is usually a formality, it takes place without debate, and the first reading of a Bill can occur anytime in a parliamentary session.
Second Reading
Bill is in the second stage. The second reading is the first opportunity for MPs to debate the main principles of the Bill. It usually takes place up to 45 days after the first reading.
Third Reading
Parliament is passing the Bill. The third reading is the final chance for the Members of Parliament to debate the contents of a Bill. Here debate on the Bill is usually short and limited to what is actually in the Bill rather than, as at the second reading, what might have been included.
Presentation/Waiting Assent
Waiting for Assent. Bill is waiting for the President to assent to it. When the Floor of Parliament has passed a Bill, it shall be presented to the President, and the President shall declare either that he assents to the Bill or that he withholds assent.
Assented by President
The Bill is now an Act of Parliament. When a Bill has completed all its parliamentary stages on the floor of Parliament, it must have President Assent before becoming an Act of Parliament (law). President Assent is the State agreement to make the Bill into an Act and it is a formality.
End
Bill passed on 02/06/2022
The Bill is now an Act of Parliament. When a Bill has completed all its parliamentary stages on the floor of Parliament, it must have President Assent before becoming an Act of Parliament (law). President Assent is the State agreement to make the Bill into an Act and it is a formality.
Bill Withdrawn on 01/01/1970