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.
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
Bill is still in its First Stage
Bill is being discussed for the Second Time in the Floor of Parliament.
Bill is passed by Parliament.
Assented by President
Bill passed on
Bill Withdrawn on