Object of the Bill
The object of this bill is to introduce a minimum tax rate to apply to taxpayers whose declared tax liability for a consecutive period of five years is less than 0.5% of the gross income; to revise the tax rate applicable to individuals and companies for purposes of rental income; provide for a ceiling on deductible expenses on rental income; to provide for incentives to existing investors; to impose withholding tax on sale of land, other than a business asset; to introduce a new tax regime for small businesses; to exempt Income of Islamic Development Bank from Tax; to exempt Income of Deposit Protection Fund from Income Tax; to impose withholding tax on commissions paid to insurance and advertising agents; and for related matters.
Bill Document
Other Attachments
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Income Tax (Amendment) Act 2020.pdf
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| 2 |
FPED3-20- Report on the IncomeTax (Amendment) Bill, 2020.pdf
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FPED3-20-Report on the Reconsideration of the Income Tax (Amendment) Bill, 2020.pdf
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CFI for the IncomeTax (Amendment) Bill, 2020.pdf
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The Income Tax (Amendment) Bill, 2020
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 24/11/2020
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