Monday, 13 June 2016

LIVE: URA analyses Uganda's budget 2016

The Uganda Revenue Authority together with the Ministry of Finance, Planning and Economic Development will help tax payers understand what they are up against in the budget that was read last week.

The panel breaking down the budget includes Dickson Kateshumbwa URA Commissioner Customs, Francis Kamulegeya Country Partner Price Water House Coopers.

Others are Henry Martin Saka Commissioner Domestic Taxes URA, Doris Akol Commissioner General of URA, Moses Kaggwa Commissioner Tax Policy MoFPED.

URA's Stephen Magera is the moderator.

TAXES down

  •    All LED Bulbs and lamps - VAT down starting July 1, 2016
  •     Agriculture Machinery  exempted
  •     Furniture for hospitals
  •     Import duty not to be charged on imports from COMESA
  •     Maternity (mama) kit to be zero rated (Import duty)

  •     Cigarettes
  •     Ready to drink spirits
  •     Fuel
  •     Sugar tax sh50 to sh100
  •     Motor vehicle lubricants duty from 5% to 10%
  •     Sweets
  •     TAX exemptions on these
  •     Cesspool emptiers and Concrete Mixers pulled by a prime mover import duty applicable at 0%
  •     Base Oil import duty applicable at 0% for one year
  •     Maternity (mama) kits to be zero rated (Import duty)

Domestic Taxes 

  •     A buyer of a motor vehicle required to notify URA about change of ownership within 3 months.
  •     Changes made on Company mergers
  •     New policy to reduce double taxation
  •     Amendments in income tax related to petroleum industry
  •     Employees of diplomatic communities/locals to announce earnings
  •     NO VAT on goods used on donor aid projects
  •     There has been re-classification of items like wheat and light bulbs
  •     Refund of excise duty in approved health care products

URA administrative measures related to budget, focus on

  •     Wrong registration details to be cleared up
  •     Failure to amend registration details
  •     Registration of business for fraud purposes
  •     No licence for business without a TIN
  •     Taxpayer Registration Expansion (TREP)
  •     Receipts
  •     Unregistered business

Here is a live feed from the session at Hotel Africana in Kampala. BELOW, full budget speech.

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