Object of the Bill
The object of this Bill is to amend the Income Tax Act, Cap. 340; to expand the definition of the retirement fund; to impose a tax on the disposal of non- business assets; to exempt income derived from or by private equity or venture capital fund, the manufacture of electric vehicle and electric vehicle charging equipment, operation of a specialised hospital facility; to replace reference to a branch with permanent establishment for purposes of international taxation; to provide for withholding tax on commission paid to a payment service provider; to amend the First Schedule to provide for African Reinsurance Corporation (Africa Re), lnternational Regulatory Board of the East African Power Pool and Islamic Cooperation for the Development of the Private Sector as listed institutions and for related matters
Bill Document
Other Attachments
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FPED3-24-Report on the Income Tax (Amendment) Bill, 2024.pdf
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Minority Report on the Income Tax (Amendment) Bill, 2024.pdf
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Income Tax (Amendment) Act, 2024.pdf
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The Income Tax (Amendment) Bill, 2024.
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
The 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. Once the second reading is complete, the Bill proceeds to the committee stage, where each clause (part) and any amendments (proposals for change) to the Bill may be debated.
Third Reading
Parliament has passed the Bill. The third reading is the final chance for the Members of Parliament to debate its contents. Here, the debate 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
The Bill is now awaiting the Presidents assent, a crucial step in its journey. When the Floor of Parliament has passed a Bill, it is presented to the President, who carefully reviews it, considering its implications and ensuring it aligns with the governments policies and the Constitution. The Presidents assent is the final step in the Bills journey, marking its transition from a proposed law to an enacted one, underscoring this decisions importance in the legislative process.
Assented by President
At this crucial point, the Bill has transformed into an Act of Parliament, marking a significant milestone in its journey. However, it requires the Presidents assent before it can be enacted into law. As a formal agreement by the State, this act of consent represents the final step in the Bills process, underlining the vital role that the President plays in the legislative process and the importance of checks and balances in our democratic system.
End
Bill passed on 15/07/2024
At this crucial point, the Bill has transformed into an Act of Parliament, marking a significant milestone in its journey. However, it requires the Presidents assent before it can be enacted into law. As a formal agreement by the State, this act of consent represents the final step in the Bills process, underlining the vital role that the President plays in the legislative process and the importance of checks and balances in our democratic system.
Bill Withdrawn on 01/01/1970