Object of the Bill
The object of the Bill is to amend the income tax act cap.340 to provide for the exemption from payment of income tax on income accrued by a body established an Act of Parliament to regulate the conduct of professionals; to provide for the exemption from tax of the income of Bujagali hydro power project up to the year 20333; to provide for deduction of initial allowance for certain capital investments outside a radius of fifty kilometers from Kampala; to provide for transactions between associates to reflect the chargeable income realized in an arm’s length transaction; to empower the minister to issue estimates of rent for the purposes of assessing rental tax; to provide for withholding tax on winnings of sports betting or pool betting; to provide for advance tax in respect of specified transport services; to provide for a requirement to report financial transactions; to provide for a limit on the interest payable on unpaid tax; to provide for a rate of withholding tax on winnings from gaming and pool betting; to and the formula for assessing the value of the benefit a vehicle provided to an employee wholly or partly for a private purpose; and for related matters.
Bill Document
Other Attachments
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Income Tax (Amendment) Act 2017.pdf
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FPED3-17- Report on the Income Tax (Amendment) Bill, 2017.pdf
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The Income Tax (Amendment) Bill, 2017,
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 29/06/2017
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